Record Iberian solar output is repricing renewables M&A
Europe just posted its biggest second-quarter solar output on record — 129 TWh, roughly 20% above any prior Q2 — and Iberia is feeling it first.
Spain logged 596 hours of negative day-ahead prices in H1 2026, Portugal 462. Exchanges have already had to push the price floor down to -€600/MWh to keep the market functioning.
From where we sit running competitive sale processes for renewables SPVs, this is reshaping how buyers underwrite an asset. A bare solar plant priced on last year’s capture rate is no longer a bankable assumption.
What’s winning processes now: co-located storage, flexible offtake structuring, and a credible answer to curtailment risk before a buyer ever opens the data room.
For sellers, the flexibility story matters as much as the megawatts. For buyers, capture-price resilience is no longer a footnote in diligence — it’s the headline question.
We’re structuring more transactions around exactly this: matching solar and storage assets to the owners best placed to manage merchant exposure, across Portugal, Spain and beyond.
If you’re underwriting Iberian solar right now, how are you pricing curtailment risk into the deal?
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