Qualitas Energy is raising €3.25bn ($3.8bn) for its latest renewable energy fund, positioning itself to capitalise on a new wave of consolidation across Europe’s clean-energy market, according to sources cited by Bloomberg.

The Spanish private equity firm has filed a prospectus with the country’s securities regulator, CNMV, outlining plans to invest primarily in European assets, with additional exposure in the US and other developed markets. If successful, the vehicle would rank as the second-largest private equity fund ever raised in Spain.

Qualitas’s sixth fund will focus on four main investment areas: consolidation as large institutional investors sell off renewable portfolios, wind re-powering projects in Germany, biomethane projects in both Europe and the US, and renewable assets in Spain, where valuations have fallen sharply in recent years. The firm is already among Germany’s largest investors in wind re-powering.

According to Qualitas’s estimates, around 25 major renewable energy firms owned by pension, infrastructure, and private equity funds could be up for sale or require major capital injections within the next 18 months, creating significant acquisition opportunities.

Qualitas has invested more than €14bn across solar, wind, and storage assets since its founding in 2006. Its previous fund closed at €2.4bn, while fellow Spanish firm Asterion Industrial Partners currently holds the record for the country’s largest-ever private equity fund at €3.4bn.

The new fund comes amid continued momentum in the global energy transition. Copenhagen Infrastructure Partners raised €12bn last year for its latest clean energy vehicle, while EQT recently expanded into energy storage as part of its transition infrastructure strategy.

With the €3.25bn vehicle, Qualitas is reinforcing its position as one of Europe’s most active renewable energy investors, focusing on scaling and upgrading clean-power infrastructure across key developed markets.

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