The focus of investment in renewables is diversifying

Investments in renewable energy are gaining increasing strategic importance in Spain, reflecting a profound transformation of the national energy model. "This evolution responds to both climatic factors and economic and geopolitical considerations," says Iván Sánchez Saugar, director of the IEB Renewable Energy Program and Partner at PwC Spain. From a climate perspective, Spain has committed to achieving climate neutrality by 2050, in line with the Paris Agreements. "This commitment guarantees a framework of continuity and depth for investments in the sector in the medium and long term," he emphasizes. On the economic front, the development of renewable energy has key implications "for energy security, international projection, innovation and employment, and benefits for consumers," he points out.

Investment in renewable energy in Spain has historically focused on established technologies, such as wind and photovoltaic energy. However, "in recent years, there has been a growing interest in emerging solutions that complement the energy transition and respond to the new challenges of the electricity system," explains Sánchez Saugar. Regarding the new complementary and emerging technologies in which investment is being made, the IEB professor mentions energy storage, "one of the sectors with the greatest short-term growth potential"; transmission networks, whose reinforcement and modernization "are essential conditions for properly channeling installed renewable capacity"; and green hydrogen, where Spain "is positioned as one of the main European hubs for green hydrogen production." Overall, the investment landscape in renewable energy in Spain "is evolving toward a more diversified and technological approach, which not only seeks to expand generation capacity but also guarantee the stability, flexibility, and sustainability of the energy system," Sánchez Saugar points out.

When investing in renewable assets, he points out that investors must consider several key variables to ensure a profitable and sustainable investment. These include the legal and regulatory framework, the availability of infrastructure and grid connection, as well as bureaucratic complexity and the necessary permits. Regarding the legal and regulatory framework, "it is essential to understand it thoroughly, as government policies and tax incentives can significantly influence the viability of projects," he emphasizes. In the case of Spain, past regulatory changes have had a considerable impact on investors, "so it is crucial to stay informed about possible future modifications," he adds.

In addition to these factors, he also points out that other aspects must be evaluated, such as the availability and quality of natural resources, estimated costs, expected returns, and the technological and development risks associated with this type of asset. "Finally, regarding financing, investors can rely on various public instruments, both in the form of subsidies and loans complementary to those offered by commercial banks," he emphasizes.

"In a context where money is seeking purpose and people are demanding more control over their assets, investments in renewables have become an increasingly relevant alternative for retail investors," begins Fernando Dávila, CEO and co-founder of Crowmie, the Spanish fintech company that seeks to democratize access to sustainable investments in renewable energy. Founded in 2022, he believes that many people are leaving behind the traditional model and entering for the first time into real, tangible, and strategic assets like energy "because they offer three elements that are difficult to find together: stability, profitability, and purpose."

Dávila believes that these types of investments can play a decisive role in the energy transition. "To decarbonize the economy, we need to increase investment in clean infrastructure. And that requires more capital than institutional funds can mobilize," he recalls. And this is where private investors take on an unprecedented role. "Their money can unlock projects that would otherwise take years to execute. It's not a symbolic participation: it's a real contribution to the speed and scale of change," he points out. In the case of Crowmie, anyone can invest from €5,000 in industrial self-consumption or energy storage systems (BESS).

On this platform, they operate under an investment model tailored to the individual investor. "We don't open a project if it doesn't pass our security, profitability, and traceability criteria," says its CEO and co-founder. Each opportunity is evaluated with a 360° due diligence process: "We validate the client's energy consumption, solvency, technical and legal viability, the contracts (PPA, EPC, and O&M) are signed, and we prepare the financial model," he adds. Only when the project meets all the criteria, "we tokenize it and open it to investment. The investor accesses the documentation, the possibility of investing, a dashboard on our platform, and the possibility of liquidity through our proprietary market," he points out.

At Crowmie, they identify two types of assets that stand out for their ability to generate stable cash flows, scalability, and alignment with the new needs of the energy system: industrial self-consumption and energy storage systems. "Both offer an excellent combination of profitability, liquidity, and security, although with different risk profiles," notes Dávila.

For his part, Nacho Bautista, CEO and co-founder of Fundeen, believes it is necessary to continue promoting the adoption of renewable energy investments among the general investor community. "Their evolution is marked by a growing interest in more sustainable financial models, in which positive environmental impact is combined with attractive returns," he emphasizes, asserting that one of the factors gaining the most weight is the risk-return ratio. "These types of projects offer stable and reasonable returns in the medium to long term, in a regulated, predictable, and technologically consolidated context. This stability, along with the possibility of participating in tangible projects linked to energy production, makes them especially attractive compared to more volatile assets," affirms the co-founder of Fundeen. This type of citizen co-investment model has opened the door to thousands of small and medium-sized investors. "What was previously reserved for large institutional funds is now within reach of anyone who wants to invest from €500 onwards in the energy transition," he clarifies.

Bautista points to solar photovoltaic energy as the leading player in renewable investments, "both in its ground-based and rooftop forms. Investors value its maturity, predictability, and the accompanying regulatory framework," he emphasizes. Interest is also growing in more innovative projects, "such as electric mobility, energy storage, and local energy communities, which respond to a new paradigm of citizen participation and energy decentralization," he adds. He also indicates that there is a clear trend toward diversification, both in the type of technology and the investment model. "In this sense, investors are paying special attention to crowdfunding (equity) and crowdlending (debt) schemes, which allow for adaptation to different risk profiles and financial objectives."