Iberia’s storage M&A is heating up and the Africa-Europe grid corridor just got real.
Two signals from the same week: capital keeps rotating through Iberian renewables, and Africa’s power link to Europe just moved from talk to formal agreement.
What we’re tracking today:
Capwatt, the Portuguese IPP, sold a 38 MW battery storage project in Catalonia to Switzerland’s Axpo — its first BESS exit in Spain. Small ticket, but it confirms buyers are paying up for shovel-ready Iberian storage, exactly the kind of SPV we underwrite.
Portugal and Morocco agreed to build a new electricity interconnection, applying for EU co-financing under the Important Project of Common European Interest framework. The 2018 cost estimate of €800m is already outdated — a structural bet on an Africa-Europe power corridor.
The Emerging Africa & Asia Infrastructure Fund committed $30m to Hassan Allam Utilities for Minya, a 1,000 MW solar-plus-660 MWh BESS project in Egypt co-developed with UAE’s Masdar. DFIs are still anchoring Africa’s largest solar-storage builds.
At Persimmon Investments, that’s the map we invest against — Iberian storage exits and Gulf-backed African megaprojects, both real assets, both ring-fenced SPVs.