Analysis by the Coordenadas Institute of Governance and Applied Economics on the Role of European Companies in the Global Energy Transition

MADRID–(BUSINESS WIRE)–In a sector dominated by large utilities, medium-sized companies are emerging as a new generation of independent players that, with different models, are consolidating themselves as relevant players in the energy transformation based on specialisation, flexibility and innovation.

An analysis carried out by experts from the Coordenadas Institute of Governance and Applied Economics (ICGEA) explores a new type of energy player, capable of accelerating the implementation of renewables at lower cost, acting with greater agility in a changing regulatory environment, and also betting on emerging technologies beyond traditional photovoltaic or wind power, to contribute to the European objectives of climate neutrality and energy security.

While the large traditional utilities are adapting their portfolios to renewables, a new generation of 100% green companies is steadily advancing in the energy transition. Among them, ICGEA highlights Encavis AG (Germany), RIC Energy (Spain) and Voltalia (France), for their distinctive models and global reach.

“These companies, within the middle-size segment, represent three different ways of understanding the clean energy business, but they share the same commitment: to accelerate the transition away from fossil fuels with sustainable, innovative and global solutions. Their catalogues include technologies such as solar photovoltaic, wind, biomass and even, in the case of the Spanish company RIC Energy, battery storage (BESS), biogas, and green hydrogen and derivatives. Without fossil legacies, their focus is clear and their message strong: there is another way to generate energy,” says Jesús Sánchez Lambás, executive vice-president of the Coordenadas Institute.

Despite their European origin, these companies operate on a global scale. Their internationalisation allows them to diversify risks, take advantage of regulatory and technological opportunities and contribute to the energy transition in regions with high energy demand and low levels of renewable electrification.

The energy transition requires scale and speed, for which the average size of these players gives them a competitive advantage over traditional energy majors.

Three models, one ambition

Encavis AG, long-term management of wind and photovoltaic farms in 12 European countries

Encavis AG is one of Europe’s leading independent renewable energy producers, based in Hamburg. The company specialises in the acquisition, management and long-term operation of onshore wind and solar farms, offering a value proposition focused on long-term stability, profitability and sustainability.

Encavis currently operates a diversified portfolio of more than 300 farms in 12 European countries, including Germany, Spain, Italy, Denmark and the Netherlands, with an installed capacity of more than 3.8 GW. Its business model is based on acquiring assets in operation or in advanced stages of development, which can generate stable revenues under PPA (Power Purchase Agreement) or feed-in tariffs.

Since 2024, Encavis has been backed by the global investment fund KKR, which has strengthened its capacity to continue expanding its presence on the European continent and consolidate its position as a key player in the supply of clean energy, especially in markets with stable regulatory frameworks and climate ambition.

In addition, Encavis is boosting its role as a solutions provider for corporate customers, including on-demand energy services and long-term supply agreements, in line with the new decarbonisation needs of large European companies.

RIC Energy, the Spanish multi-technology company with a leading presence in 4 continents

Of Spanish origin, RIC Energy has established itself as one of the most unique and dynamic players in the independent renewable energy segment. Its model is based on technological innovation, geographic diversification and a multi-technology approach that includes solar PV, battery storage (BESS), biogas, wind and sustainable aviation fuel eSAF.

With a presence in four continents – Europe, America, Africa and Asia – the company has a strong presence in key markets such as Europe and the United States, enabling it to compete head-to-head with the major international utilities. In Europe, it is developing projects in Spain, Italy and Poland, while in the US it operates in strategic states such as Texas, California and New Mexico, where it has positioned itself as a highly competitive developer.

RIC Energy is currently executing an ambitious transformation strategy to consolidate its position as a selective IPP (Independent Power Producer), focusing on mature and technologically advanced markets. Its global development and construction portfolio exceeds 15 GW, which places it among the most relevant developers in its segment, thanks to its operational agility, its ability to adapt to changing regulatory environments and its commitment to a sustainable, diversified and global energy transition.

Voltalia, the French developer combining own generation and services to lead the green transition

Based in France, Voltalia is one of the most internationally renowned mid-sized renewable companies, with a unique model that spans the entire renewable energy value chain: from development, financing and construction, to asset operation and energy sales, both for its own customers and for third parties, as well as offering comprehensive services to third parties.

Present in more than 20 countries in Europe, the Americas, Africa and Asia, Voltalia operates with a multi-technology approach that includes solar PV, wind, biomass, hydro and storage. This diversification allows it to adapt to the specificities of each market and ensure solid and resilient growth.

In terms of capacity, the group has more than 3.3 GW in operation and under construction, and a pipeline of projects in development exceeding 17 GW. In Europe, it has a strong presence in countries such as France, Portugal, Spain, Italy and the United Kingdom, while in the United States and Brazil it has consolidated its role as a producer of green power for large industrial and corporate customers.

In the race for decarbonisation, names such as Encavis, RIC Energy or Voltalia, still sound less familiar than the big energy giants. But their role in Europe’s – and the planet’s – energy future can be as decisive as it is silent. Voltalia, Encavis AG and RIC Energy symbolise a more decentralised, specialised and technologically advanced energy transition. Their relevance in the European market lies not in their sheer size, but in their innovative capacity, sustainable approach and operational agility. They are, in essence, key players for a climate-neutral, diversified and resilient Europe.

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