Spain pours EUR 100m to take minority stake in clean energy ventures

The Institute for Diversification and Saving of Energy (IDAE), the implementing agency of Spain’s ministry for ecological transition, on Friday announced that it is allocating EUR 100 million (USD 106.3m) to invest as a minority shareholder in innovative clean energy initiatives that support the decarbonisation of the Spanish economy.

Among the eligible sectors are sustainable mobility, renewable energy technologies, hydrogen, infrastructure, energy storage and contributors to the power system’s flexibility, energy efficiency, industrial value chain and circular economy, the IDAE said.

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The funds, which are provided by the state budget and Spain’s recovery plan, will be used by the IDAE to acquire shares in companies, start-ups, special purpose vehicles or newly-created entities. The agency said its share capital would range between 5% and 20% and up to EUR 10 million per project.

Other financial instruments, such as loans or equity loans, may also be considered.

All proposals will be evaluated under market conditions.

The funding is part of the IDAE’s investment strategy for the 2024-2026 period and in line with Spain’s energy and climate framework, the agency added.

(EUR 1.0 = USD 1.063)