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Akerton Partners has advised the company Nemesis on the sale of its photovoltaic plant

Akerton Partners has advised the company Nemesis on the sale of its 3MW photovoltaic plant located in Murcia to a fund specialized in renewable energies

Akerton is a financial advisory firm with expertise in renewable energy.

The Spanish Photovoltaic solar energy sector.

Spain has historically been dependent on fossil fuels (according to the Energy Supply Security in Southern Europe and Ireland 74% of the energy generated in Spain came from fossil fuels). The Government implemented subsidies to encourage renewable energy and, specifically, photovoltaic solar energy. These grants were guaranteed by the Spanish government and they led to a high increase in solar MWh produced. By 2007 Spain, because of its favorable climate conditions, was one of the European countries with the highest number of hours of solar radiation but also was one of the European countries with the lowest solar energy production¹. Because of this, the Government focused on this type of energy mainly. In addition, the decrease in the cost of solar panels made this technology very attractive.

Map of climatic zones in Spain

Source: Atlas of solar radiation in Spain, Instituto de Meteorología.

The EU supports the potential change to lower carbon emissions through ruling in favor of renewable energies. In particular, in 2009, the European Union Directive 2009/28/EC was approved. This Directive set the goal that 20% of the EU’s energy consumption should be generated by renewable energies in order to produce less polluting energy.

The Spanish solar energy sector experienced large growth in the following years. In 2007 photovoltaic production was assumed to be 152MWh, while in 2010 it reached 3.842MWh and in 2018 4.744MWh2.

In 2011 Spain reached third place among the countries with the highest solar energy production in Europe, but, despite these results, the Spanish executive decided to make a change in policy which weakened support for solar energy³. This resulted in the widening of the gap between generation costs and revenues collected through tariffs, increasing the tariff deficit. In 2012, given the excessive government debt, this grant system for solar energy was eliminated. And, by that time, the share of fossil fuels had fallen, considerably, to 52%.

Photovoltaic solar power generated in Spain

Source: Renewable energy Statistics, 2019.

The effects of the cancellation of the grant system were significant. Although installed capacity continued to grow, it slowed down (from 2014 onwards the annual growth rate was between 0.15% and 0.40%). As a result , investors neither received a return on capital invested nor were they able to amortize debt. Many of these investments were made on a project finance bases.

When analyzing the evolution of installed capacity per Autonomous Community, Castilla-La Mancha is the region with the most solar power installed capacity (20%) followed by Andalucía, Extremadura and Castilla y León. These four communities represent c. 60% of total installed capacity. On the other hand, the Autonomous Communities with the least installed capacity are those with less hours of sun such as Asturias, Cantabria, Ceuta and Melilla, Galicia and País Vasco.

In 2019 the self-consumption decree was implemented (RD244/2019) and the number of installations grew by 80% from 2017 but the increase in installed capacity was only 40%, which indicates that most of the installations in 2018 were small. The autonomous communities with the largest number of self-consumption installations are Catalonia, Andalucía and Galicia (in that order).

In 2020, the Unión Española Fotovoltaica (UNEF)4 supported the approbation of the Royal Decree to encourage photovoltaic sector in order to attract 20M€ of private capital necessary to meet The Energy National and Climate Plan (PNIEC by its Spanish initials).

Lali de Juan, Head of M&A



¹ España, la clave del sector solar europeo, Cinco Días, May 2019.
2 Source: Spanish Photovoltaic Solar Energy: Institutional Change, Financial Effects, and the Business Sector. 2020.
³ Source: Spanish Photovoltaic Solar Energy: Institutional Change, Financial Effects, and the Business Sector. 2020.
4 España, la clave del sector solar europeo, Cinco Días, May 2019.

Borja Hernández

In 2008 he began his career by joining the Cajamar bank as a private banking manager. In 2011, he joined the administrative department of Akerton Partners, S.L., additionally

supporting the different lines of business of the company (Back Office).

In 2017 he became part of the team of Annu Inversiones, S.L., participating in various transactions of assignment of receivables, loans and debt purchase.

Marta Muñoz

Marta holds a degree in Business Administration from the University of Castilla la Mancha.

In 2017 she began her professional career by offering tax and commercial advisory services to various companies.

A year later, in 2018, she joined the financial department of Rosa Clará Group, in which she developed financial analysis tasks and accounting oriented to the presentation of monthly results.

In 2019 she joined the Financing department of Akerton Partners.

In 2019 she joined the Financing department of Akerton Partners.

Francisco Camacho

Founder and CEO

Francisco has a degree in Economics and Business Sciences with specialization in Audit by the Complutense University of Madrid, Advanced Direction programme in INSEAD (Fontainebleu). He has accomplished financial courses in Spain, France and U.SA.. He has been teacher and speaker in several universities besides giving lectures. He is member of the REA, ICJ.

In 1984 he joined Arthur Andersen as industrial businesses manager, being responsible of several projects in both audit and consulting.

In 1993 he joined Alstom as CFO and council secretary, being financial responsible and Advisor of several companies of the Group in Canada, México, France and Spain, besides being responsible for Real Estate projects in Spain, as well as for global cash flow and of financing projects in different countries. I

In 2000 he joined to Auna as Administration and Finance Director, being responsible for various financing and debt restructurings, achieving in 2004 along with his team, the award to the best refinancing of the year (4.500M€), award given by the magazine Euromoney. In 2005 he was designated CFO of the Auna Group, culminating with the sale of the Group to France Telecom Group (the mobile phone business) and to ONO (the fixed-line business) for the amount of € 12.800M. From 2006 he was designated CFO Purchasing Director of Orange Spain by France Telecom Group.

In 2007 he was awarded by the Spanish Association of Financial and Corporate Treasurers (ASSET) with the award to the financial excellence in the category of “Best financial manager of the year”. The aim of this award is to distinguish the actions implemented by the CFO in the company and the original financial solutions that had contributed to the success of the financial departments and that had an impact on the companies performance.

In 2008 he founded the financial advisory firm today known as Akerton Partners.