Akuo-Dos Grados Deal: A Signal for Greenfield Solar M&A
Akuo just sold a 500+ MW portfolio of development-stage solar projects in Castilla y León and Andalusia to Dos Grados — a French independent power producer (IPP) recycling greenfield capital into a Spanish buyer’s balance sheet.
https://www.pv-tech.org/dos-grados-acquires-500mw-solar-projects-from-akuo-in-spain/
It’s a pattern we see from the other side of the table most weeks: a developer takes a portfolio to Ready-to-Build (RtB), then exits to recycle capital into the next origination cycle, while the buyer gets scale without carrying early-stage permitting risk.
The part that rarely makes the headline is the work between signing and financial close. Grid-connection status, environmental permitting stage and land control all have to be re-verified project by project — “development-stage” can mean anything from a secured grid-connection permit (TRC) to a site still in early environmental screening.
As both a developer and an M&A intermediary, we sit on both sides of that gap: qualifying pipeline before it goes to market, and structuring the development services agreement (DSA) that keeps the original team embedded through to RtB.
Spain’s greenfield solar market is still consolidating fast.
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