Madrid-based Soto Solar raises €100M funding: Here’s how it aims to bring energy transition

The energy transition is the long-term structural change in energy systems. In recent years, the energy transition is occurring worldwide as many are focused on using alternate energy. It brings about transformation in the global energy sector and focuses on bringing zero-carbon emissions.

Solar energy is the key to the energy transition in Europe. Developing high-quality and large-scale renewable energy generation capacity helps achieve this transition. The European market for renewable assets gradually brings about this transition. And, the Spanish market provides lucrative subsidy-free opportunities with a long-term horizon.

Soto Solar is a startup initiated to bring about this energy transition. It develops large-scale, subsidy-free, and ground-mounted solar PV projects. Soto Solar operates with the mission to contribute to the European energy transition.

Raises €100M funding

In a turn of events, the solar company raised over €100 million from an Amsterdam-based VC. The solar company has completed the sale of 50% shareholding and raised committed project equity for its first 500-megawatt tranche of Spanish solar PV projects.

The funding will be used for the development of Spanish solar PV projects. Also, the investment will let Soto Solar expand its team and start realising its ambition for the next five years.

Soto Solar: An insight!

Soto Solar was initiated by Stecc and Hartenlust Group, two Dutch companies in late 2018. The company has its office in Madrid. With a series of local partnerships, the solar company has built a pipeline of greenfield solar PV projects over 500 megawatts. Furthermore, it is exploring opportunities in energy storage.

The company focuses on developing long-term partnerships to achieve high-quality power generation assets offering an attractive risk-return profile. Soto Solar harvests the sun’s energy and develops, finances, and manages large-scale solar PV plants located in Spain and Portugal.

Xeno Grimmelt, Partner at Hartenlust said, “Soto Solar has the benefit of a strong and professional track record in solar PV development and investment which, coupled with the long-term outlook for Spanish renewables, underpins our rationale for providing capital and support. In addition, limited visibility and increasing volatility are affecting assets classes like real estate, equities, and bonds that family offices traditionally invest in. Renewable energy assets offer a positive long-term perspective at the right side of the future energy industry.”

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