Spanish sustainable investment firm Dos Grados has agreed to acquire three PV solar projects under development in Spain from French independent power producer (IPP) Akuo, with a combined installed capacity of more than 500MW.
The projects are in Castilla y León and Andalusia, Dos Grados said in a statement on LinkedIn. The companies did not disclose the financial terms of the transaction or provide details on the individual projects, including their development status, expected construction timelines or targeted commissioning dates.
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Dos Grados said the acquisition would expand its renewable energy portfolio in Spain and support its strategy of developing long-term investments in sustainable infrastructure.
The acquisition builds on Dos Grados’ previous expansion in the Spanish solar market. Last year, the company acquired two shovel-ready solar PV projects with a combined capacity of 52MWp in Castilla y León.
The transaction adds more than 500MW of solar capacity under development to the company’s Spanish pipeline.
Founded in 2019, Dos Grados invests in sustainable real assets, with a portfolio spanning solar and wind energy. The company has previously reported a portfolio of approximately 600MW of renewable energy assets, including the operational 126.5MWp Fundão solar farm in Portugal.
Akuo was acquired by private equity firm Ardian in 2025, taking full ownership of the company’s capital held by its founders. The transaction was first announced in March 2025. The IPP aims to install 5GW of installed renewable energy capacity by 2030.

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