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Mirova Acquires Solar Project with Storage Potential on Spanish Island

Writer's picture: Energy BoxEnergy Box

French sustainable investment manager Mirova, an affiliate of Natixis Investment Managers, has acquired a solar project of nearly 60 MWp plus potential additional up to 30 MW/120 MWh of storage in the Balearic Islands, Spain.

The assets were acquired via the Mirova Energy Transition 5 (MET5) fund from their developers, Spanish renewables investor Qualitas Energy and Q-Impact, the impact investment division of Qualitas Equity. They are located in the municipality of Mahon in Menorca Island.


The solar project is ready to build and is expected to start construction by the middle of 2024 and to be commissioned in early 2026, according to a joint press release today. It is set to produce up to 92,000 MWh a year, which represents about 20% of the annual electricity demand of the island of Menorca.


Pablo Valencia, managing partner at Q-Impact, said that Q-Impact and Qualitas Energy have been working on the projects since 2019. “The scale of these projects will kickstart a real energy transition in Menorca, significantly limiting the current emissions and pollution of the Mahon thermal plant,” Valencia added.


“We are thrilled by this opportunity to strengthen our presence in Spain, relying on Qualitas Energy and Q-Impact’s strong experience and anchorage in Menorca,” commented Helene Dimitracopoulos, investment director at Mirova.

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