Ingenostrum, recognized for its expertise in developing renewable projects for third parties, has decided to evolve its business model.
The company has transitioned from collaborating with large utilities in project construction to becoming an independent operator with its own investments.
"We want to be present, stay, and develop projects in which we participate in all phases of the value chain," says scar Martín, the company's CFO.
In this way, he confirms that they will not only continue developing projects for third parties but will also now invest directly in the construction and operation of their own parks.
This new approach materializes in the portfolio of mini solar parks financed by Triodos Bank, with a total installed capacity of 42 MWp. 
"We expect to expand this capacity to 53 MWp, although we depend on administrative timelines," he states in a conversation with Strategic Energy Europe. The challenge of financing in renewable energy Access to financing remains a key challenge in the renewable energy sector, especially for solar projects.
In this context, the agreement with this leading ethical and sustainable banking entity has been a significant step for Ingenostrum.
"Triodos has taken a step forward by enabling the financing of 100% merchant projects, closing the financing, and making it available while energy sales remain on the market," highlights Martín Pacios.
This type of financing is novel, as most banks require that a portion of the generated energy be sold through PPA contracts before granting financing.
Although the agreement allows operation without PPA contracts in the initial phase, Triodos Bank has set a deadline for their closure.
"We have a deadline until COD (Commercial Operation Date), and from there, a specific period in which, if PPAs have not been closed, we are penalized in margin and in distributable cash flow to the shareholder," explains Ingenostrum"s CFO.
The main challenge is ensuring that financial entities continue to view renewable projects as long-term investments, with financing structures that support equity capital.
SThe merchant-PPA combination requires flexibility.
A market like Spain has a certain degree of volatility, but in the long run, it has shown a stable curve," notes Martín Pacios.
From Triodos Bank, Miguel Ángel Amores, head of structured financing for renewable energy in Spain, emphasizes the value of these projects: "The climate and biodiversity crisis require initiatives like this, where renewable generation is combined with plants ranging between 1 and 6 MWp, facilitating their environmental and local economic integration. Mini solar parks: a viable bet Unlike large photovoltaic installations, Ingenostrum has opted for a strategy based on smaller solar plants.
The 10 financed projects consist of installations ranging from 1 to 6 MWp, allowing for better environmental integration and greater operational flexibility.
"We believe that medium and small plants can be just as viable as large parks.
These installations enable synergies in operation and maintenance and facilitate the management of the generated energy," assures Martín Pacios.
The plants will be distributed across Castilla-La Mancha and Andalusia, strategic regions due to their high solar irradiation.
It is estimated that they will generate 87 GWh annually, significantly contributing to the country"s energy transition. Regulation and administrative bottlenecks Although regional authorities have shown support for renewable projects, bureaucracy remains a challenge.
In this regard, the Ingenostrum representative welcomes the fact that "administrations recognize that there are bottlenecks in the processing procedures and that efforts are being made to improve them.
The company is committed to a sustainable business vision, focusing on the long term, as energy price volatility is a factor to consider, but the essential aspect is overall stability.
"There will be bad years, for sure, but there will also be others when prices are above average.
The important thing is to understand the market in the long term and manage projects with that perspective," states the executive.
With the financial backing of Triodos Bank and a strategy focused on vertical integration, Ingenostrum strengthens its position in the Spanish photovoltaic sector and moves towards consolidating itself as an Independent Power Producer (IPP).