Merchant solar is repricing in Iberia — and capital isn’t leaving, it’s getting choosier.
A quiet 24 hours for fresh core-market transactions, so the signal worth reading is structural: where money rotates when merchant power turns volatile.
What we’re tracking today:
Spain’s solar boom has become an investor story. Ready-to-build projects that fetched €150,000/MW a few years ago now clear at €30,000–90,000/MW, with negative-price hours already tripling to 381 this year. Merchant-only exposure is being repriced hard — contracted offtake and storage are the new moat.
African distributed solar keeps pulling structured capital. d.light closed a $50M green bond and the IFC committed $10M to CrossBoundary Access for minigrids and batteries across Nigeria and Madagascar. Smaller tickets, but exactly the de-risked, demand-backed model that scales.
In the UK, Ofgem shortlisted 16 long-duration storage projects — 7.6 GW — under a new cap-and-floor scheme. A revenue floor is what makes merchant storage bankable, and markets facing Iberia’s oversupply are watching closely.
At Persimmon Investments, we invest against that map: contracted cash flows, storage, and markets that pay for flexibility.