• Ingenostrum, is a leading energy transition player in Spain, developing photovoltaic (PV) projects, as well as data center projects using PV energy and Power to X Hydrogen projects.
  • The €25M funding round is done solely by Andera Partners, through its Andera Smart infra 1 fund, for which it is their first investment in Spain.
  • Ingenostrum’s objective is to provide low-cost energy to enable a rapid and effective energy transition of Spain.
  • Its ambition is to leverage its unique development and grid expertise to expand its ecosystem to the main vectors of the Spanish energy transition: Hydrogen projects and data centers powered by clean energy.

The expert in renewable energy project development

Founded in 2009 and led by Santiago Rodriguez Agundez, Ingenostrum is a developer of solar photovoltaic projects based in Sevilla and Madrid. Over the past 10 years, the company has developed more than 10 GW of solar projects for third parties, in Spain, Latin America, USA and Asia.

With a team of more than 60 people, the company is an expert in development of solar photovoltaic, battery storage, data centers and Power to X hydrogen projects.

Ingenostrum has more than doubled its revenues over the past 3 years.

The Spanish market leading Europe

Spain is a leader in renewable energy in Europe. Spanish solar capacity is expected to reach approx. 77 GW of installed capacity in 2030, more than doubled its current level.

Spain is also at the edge of a phenomenal growth of its data center market, benefiting from overload of FLAP-D hubs, the Spanish data center market could reach 600 MW IT within 4 years. Both Spain’s strategic location, close to submarine cables, and its access to renewable electricity, are key development factors for green data centers.

Also, thanks to the low LCOE (Leverage Cost of Energy) of renewable energy in Spain, the Power to X market is also developing fast, with specific focus on H2 and ammonia. Enagas forecasts that by 2030 Spain could produce between 2 and 3 Mt per annum of renewable hydrogen.

A funding round to accelerate the transition of Ingenostrum

Ingenostrum is completing a €25 million Series B fundraising with Andera Partners through its Andera Smart infra 1 fund. Andera Smart Infra 1 is a fund that invests alongside entrepreneurs of the energy transition sector to enable them to transform their companies. This is the first investment outside France for Andera Smart Infra 1, initiated by the great potential of the Spanish market on the markets developed by Ingenostrum.

For Ingenostrum, this fundraising’s objective is to accelerate its growth, fund the construction of its portfolio of PV projects and further develop its portfolio of datacenters and Power to X projects.

Backed by Accuracy and 2Birds (Andera), as well as Montero Aramburu and Basgen (Santiago Agundez Rodriguez), both parties have reached an agreement and have already identified synergies and opportunities for the next future.
The transaction has been made possible thanks to a deep review of each vertical of the pipeline, and in particular with the help from Greensolver for solar PV projects, Colliers and Quark for data center projects, Strategy& (PWC) for power to X projects.


Santiago Agundez Rodriguez, CEO of Ingenostrum, comments: “We have identified Andera as the ideal partner to develop Ingenostrum’s business on its new verticals. Ingenostrum will benefit from Andera Infra’s experience in France on the new verticals developed by Ingenostrum, including hydrogen. In the transaction process, we have learned to work together and we are now sure the partnership will contribute to the success of Ingenostrum

Guy Auger, partner of Andera Smart Infra, adds: “Investing in Ingenostrum is a great opportunity for Andera Smart Infra to widen its portfolio to the Iberic peninsula, and cover topics key to our investment thesis: renewable energy, power to X and green data centers. Working with Santiago and his team, we have been impressed by the quality of the team and of its projects. We are looking forward to next steps together.”

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