Executive summary
Equitix has acquired majority stakes in Spain’s 87 MW El Castillar and Joluga wind projects, including planned solar PV and battery storage integration. Following these acquisitions, the Spanish hybrid platform totals 330 MW operational/under-construction and 200 MW in development. Under a 50:50 partnership with TCorp, Equitix targets 1.4 GW capacity by 2030, supporting Spain’s 81% renewable generation goal.
Company: Equitix / TCorp
Projects: El Castillar & Joluga
Capacity: 87 MW Wind
Hybrid Integration: Solar PV + Battery Storage
Platform Capacity: 330 MW + 200 MW Pipeline
2030 Target: 1.4 GW
Estimated Supply: ~1 Million Households
UK-based infrastructure investor, Equitix, has expanded its Spanish hybrid platform by acquiring majority stakes in the 87 MW El Castillar and Joluga wind projects. The assets include under-development solar PV and battery storage hybridization projects and represent the fifth and sixth acquisitions from Capital Energy since June 2024.
El Castillar and Joluga are the first assets acquired from Capital Energy under a framework agreement signed in summer 2025. The agreement provides Equitix’s Spanish platform with exclusive access to a development pipeline of up to 1 GW of hybrid renewable energy projects. The pipeline also includes Canales Sur, Terrer, and Desma, which are planned to integrate wind, solar PV, and battery energy storage at existing generation sites. The hybridisation approach improves asset utilisation by co-locating wind, solar PV, and battery storage within shared grid connections and sites.
The acquisition followed the establishment of a 50/50 partnership between Equitix and New South Wales Treasury Corporation announced on 31 July 2025. The partnership was created to scale Equitix’s Spanish hybrid renewable platform through investments in operational, under-construction, and development-stage assets. After completing the El Castillar and Joluga transactions, the platform comprised about 330 MW of operational and under-construction capacity and a further 200 MW in development.
Equitix and TCorp have targeted 1.4 GW of generation capacity in Spain by 2030 through acquisitions and hybridisation. The El Castillar and Joluga projects remain under development for solar PV and battery storage integration and are expected to form part of Equitix’s Spanish hybrid renewable portfolio.
Spain has set a target of achieving 81% renewable power generation by 2030. Hybrid wind, solar and battery storage platforms support this goal by increasing installed capacity and improving system flexibility. Once fully developed, the projects are projected to supply electricity to nearly one million households.
Achal Bhuwania, Chief Investment Officer of Equitix, said the completion of the first two transactions under the partnership with TCorp marked the initial implementation of the Spanish hybrid platform, with investments focused on renewable energy assets and cooperation with Capital Energy and other stakeholders across Europe.