Portugal's Sonae Acquires 88 MW of Spanish CHP

Portuguese holding firm Sonae Capital announced on October 22 that through its subsidiary Capwatt Power Espana it had acquired six gas-fired cogeneration plants in Spain from local firm Ignis Capital for €75mn ($88.7mn).

The plants are situated in the regions of Catalonia, Aragon and Castilla y Leon and boast a combined generation capacity of 88 MW. They provide heat for treating pig slurry, accounting for 24% of the cogeneration capacity used in this sector.

Through the deal Catwatt will reinforce its position in the Spanish energy market, where it already operates 77 MW of cogeneration capacity, Sonae said. Catwatt has already paid €62mn for the assets and will pay the rest by the end of 2025 at the latest, depending on conditions being met. The acquisition was financed using a mix of equity and debt.