Q ENERGY has successfully reached debt financial close for “Taurus B,” a portfolio comprising seven solar photovoltaic plants in Spain with a combined capacity of 251.71 MWp. The financing was arranged with Mitsubishi UFJ Financial Group and BNP Paribas acting as lead arrangers. All seven plants are currently under construction and are being equipped with hybrid battery storage solutions. Q ENERGY will serve as the sole owner, Engineering, Procurement, and Construction (EPC) contractor, as well as the Operations and Maintenance (O&M) contractor for the portfolio.
Taurus B also represents the company’s first independent power producer (IPP) portfolio on the Iberian Peninsula. Once operational, these solar facilities are expected to generate enough clean electricity to supply approximately 131,000 households in Spain, while preventing more than 93,000 tons of CO2 emissions each year. The financing has been structured to prioritize risk mitigation by raising non-recourse debt at the holding company level with cross-collateralisation across projects.
Terry Lee, Chief Investment Officer of Q ENERGY, stated, “The successful financing once again underlines the robust planning of our projects, which not only rely on PV, but also offer further attractive revenue opportunities in combination with BESS. We are grateful for the trust and commitment of our financing partners in our projects, and we are excited to launch Q ENERGY’s first IPP portfolio in Iberia.”
This arrangement, set up under a hard maxi-perm structure, optimizes financing terms while ensuring stability. On the commercial side, the portfolio is backed by 10-year fixed-profile Power Purchase Agreements (PPAs), which shield revenues from market volatility such as zero or negative price hours and technical curtailments frequently seen in Spain. Even in cases where projects are curtailed voluntarily or by the grid, they will continue to receive the fixed PPA price.
This structure effectively reduces long-term market risk and creates a pseudo cross-settlement effect across the otherwise independent PPAs, further lowering revenue exposure. In addition, the portfolio benefits from natural diversification, with projects spread across three provinces in northern and southwestern Spain. This geographic distribution enhances resilience by balancing variations in weather, energy yield, and grid conditions.
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