Spain approved 4.5 GW of the 40 GW requested
Spain asked for 40 GW of new grid access in 2025. Regulators approved 4.5 GW.
Portugal isn’t far behind: available grid capacity today covers less than a tenth of the renewables pipeline developers want to build before this decade closes (pv magazine, 1 April 2026).
That scarcity is quietly rewriting the M&A map. A permit to build used to be step one of a long development road. Increasingly, a secured grid connection with a clean interconnection agreement is closer to the whole deal — the input everyone else is short of.
We see it in the mandates crossing our desk. Owners of pre-permitted, Ready-to-Build-track clusters are no longer just developing quietly toward commercialisation — they’re running competitive, non-binding-offer processes to match the asset with a buyer who can actually close.
Our job as intermediary is discipline on both sides: qualify the counterparty, protect the seller’s timeline, and make sure the winning bid is the one that survives due diligence — not just the one with the biggest headline number.
Scarce grid capacity is becoming the asset class. Everything else is execution risk.
If you’re holding secured capacity in Iberia, how are you thinking about build-versus-sell this year?
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