Aspiring King Of Renewable Energy Midas
2021-02-06 | by CusiGO
In June last year, a government message to the Senate revealed a secret about the renewable energy industry. Carles Mulet, a member of compurmis, asked about wind farms and photovoltaic power plants under construction in Spain. Among the extensive contacts with project details, operators and processing status, there is a name: green capital power. Of the 67 facilities required, 34 were signed by a small company with theoretically no employees, which is affiliated to capital energy. At the auction decided by the Ministry of ecological transition on January 26, there was no doubt that the same company that won won won won 620 MW of the 3000 MW involved.
In this industry, capital energy was formerly known as RTB operation expert. RTB is a company dedicated to developing renewable energy projects, and its capital source is to sell the projects it handles. It is also known for limiting prices and haggling to the last penny to connect the park to the Internet. As a result, by 2020, capital energy has developed and studied a range of 29157 MW renewable assets in Spain and Portugal, but does not have its own parks in operation.
The company said some changes had taken place as the group decided to become “a 100% renewable energy operator, from promotion to clean energy production, operation, storage and marketing.”.
Last year was very difficult for Martin í n buezas, a descendant of Roque Martin í n Benito, an entrepreneur who founded sepulvedana, a thriving bus company, in 1905. Martin í n buezas is considered to be a person with great confidence in his own project, good interpersonal relationship and high self-esteem. He has worked in this field for nearly 20 years, although it is strange that he has focused on offshore wind power since 2002. In 2006, with the development of wind farms, photovoltaic and solar power plants, and even biodiesel facilities, it landed on land. Then there are overseas projects: Romania, Poland, India or Mexico. After that, he retreated to Spain, and now, according to sources close to the company, “he has seen that clearly.”. “Energy transformation is irresistible. We can only see the fate of European funds. From a regulatory and market point of view, this is a good time, it has no backing. ”
The consolidated accounts of the whole group provided by capital energy contributed EUR 20 million to the project sales profit of EUR 24 million in 2019. Its subsidiary, green capital power, paid a dividend of $5 million that year. In the absence of 2020 results, the bank debt of the matrix is low and the number of employees is increasing: as of January 2020, there are 143 employees, currently 350, and it is still increasing.
In the industry, it has been commented that it “is here to stay,” but the group is skeptical about how it will achieve this significant shift – from being just a project manager to selling, developing and operating these projects. It has even launched its own clean energy retailer, promising to reduce prices without permanent or processing costs. The recruitment of employees shows that it is surrounded by heavyweights in the industry who have rich experience to make a leap. But working with different autonomous governments requires teams to speed up learning. In addition, in order to develop your assets, you have to pay a large amount of guarantee to get the interconnection point.
“To do this, he needs a lot of money and hopes to achieve that through an IPO,” industry insiders said. “He’s learning,” they answered in the company. “It’s a good future,” said a former board member. “They are competitive in price,” he said, but to make the franchise work, they need a lot of money and will bear operating costs for several years, which cannot offset revenue in the short term.
Where do you get the $10 billion company says you want to invest? Depending on the company’s solvency, the market is likely to fund 60% to 80% of the parks. There are also low interest loans from the European investment bank, which the company is studying, as well as other public support. In addition, resources to sell minority stakes to reduce risk are also at work. “All the financing opportunities are under study,” they insist.
“The capacity needed in the market is much more than the network can bear. So the key is to see who can connect and produce earlier, because there may be bottlenecks, “explains one Industry Association executive. The company currently has 35 gigawatts (GW) of electricity, of which about seven have been licensed.
With the gradual entry of more renewable energy, the price is expected to decline, which is another risk that operators have to bear. It’s a close game and Eni, the capital, wants to take the lead. His critics are skeptical. “They haven’t been very successful in the past, they have a very positive image and they are a little late. But they’re still there, they’re looking for a second chance. Of course, they have a lot of megawatt portfolios, but they need to be empowered because if they don’t, the portfolio, not the assets, will become a liability for the collateral price. ” In short, another source added, “we have to wait for the market to bring value to it. In my impression, Jesus Martin buezis thinks that what he has is more valuable than what he has. Will it become a public utility? We will see him at the end of the game