Santander financia la alianza de Juan Béjar y Ricardo Leal

Santander bank has provided financing of 222 million euros to the alliance between Spanish renewable energy platforms Bruc and Alter Enersun, according to wire material. The funds are earmarked for the development of their hybrid project portfolio, which will combine 208 megawatts (MW) of currently operating solar photovoltaic plants with the construction of an additional 118 MW of battery energy storage systems (BESS).

Both Bruc and Alter Enersun are strengthening their alliance and entering the BESS market, which is transforming the renewable energy landscape by making it more productive and operational. BrucAlter is a joint venture with 55% owned by Bruc II fund and 45% by Alter Enersun. The platform is headed by Juan Béjar, the founder and executive chairman of Bruc.

The assets involved in the operation are located in Andalusia and Extremadura. Apart from Santander, the financing was provided by BNPP-AM (BNP Paribas group), Banco Sabadell, and Banco Cooperativo. Banco Sabadell and Alantra acted as advisors in the transaction. The deal bolsters Bruc's strategy of hybridizing renewable generation and storage, incorporating battery capacity into operating solar assets.

The battery storage systems will enable the storage of part of the energy generated by the solar plants and manage its delivery to the electrical grid based on demand, providing greater flexibility to renewable generation. Bruc's CEO Luis Venero explained that the financing is a new support for the strategy of combining renewable generation and storage.

The alliance of Bruc and Alter Enersun began in 2020 during the pandemic when they combined 12 solar photovoltaic plants totaling 550 MW. For Bruc, it was a step in their growth strategy in Spain, while for Cristian Lay, the founder of Alter Enersun, it was a way to diversify their business, which originally started in the seafood industry and has since expanded into steel, chemicals, gas, electricity, and renewables.