Spanish renewable energy investor Capital Energy has hired financial services firm Lazard to sell a renewables portfolio of 4.3GW capacity with a combined value of $1bn (€906.13m), Reuters has reported.

Known as Project One, the portfolio comprises 48 projects in Spain. Of these, 1.6GW will reach the ready-to-build stage within 15 months, with 700MW of solar projects being integrated into existing wind projects and 2GW into early-stage wind projects.

The news agency noted that bidders for Project One can offer to acquire the projects that are closer to completion while the less-developed projects can be segregated separately, or they can acquire both.

The portfolio has a valuation of $1bn, but its final valuation will be dependent on due diligence.

Citing the documents distributed by Lazard, Reuters noted that the sale includes Capital Energy’s team of 45 employees. Prospective buyers are expected to send their bids at the beginning of October 2023.

In July 2022, the company secured €165m in financing from MEAG, an asset manager of Munich Re, and the insurance company ERGO, to fund five renewables projects: four wind farms located in Palencia, Soria and Albacete with a total capacity of 198MW, and one 8MW solar farm in Cuenca. Their total installed capacity will be 206MW.

The projects will generate 675,000 megawatt-hours of clean energy annually, equivalent to the consumption of 250,000 households.