Leading independent biomethane development platform in Spain, built on deep waste valorisation expertise and a fully integrated value chain

Sourcing and Investment Rationale

• Bilateral acquisition sourced through financial advisors; one of the first PE investors in Spanish biomethane
• Spain ranks 3rd in EU biomethane production potential (~120–160 TWh/year accessible), yet represents only ~1% of current EU output; significant first-mover advantage
• Strong regulatory tailwinds: REPowerEU, RED III, FuelEU Maritime and EU ETS drive long-term contracted demand for biomethane
• Highly fragmented market with limited institutional capital deployed to date, ideal conditions for platform consolidation

Value Creation

• Building Spain’s leading independent biomethane platform through a pipeline of 18 projects targeting ~1 TWh/yr annual production
• Transitioning business model from pure development/EPC to long-term contracted cash flows via 10-year Biomethane Purchase Agreements with investment grade offtakers
• Securing 70–80% of feedstock under long-term contracts, enabling 70–75% project-level financing

Highlights Progress Update

• Implemented strong governance frameworks and best practices
• Permitting processes are actively progressing across the pipeline; key projects advancing towards Ready-to-Build status