Fisterra Energy
Fisterra Energy is a Blackstone-backed, Madrid-headquartered developer, financier, constructor, and operator of large-scale independent power projects (gas, wind, solar) and electricity supply businesses, primarily in Mexico, executed via a develop-and-exit model serving CFE and heavy industrial off-takers in steel, cement, electronics, and automotive sectors.
- Company typePrivate
- Founded2013
- HeadquartersAlcobendas, Spain
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Fisterra Energy does
Fisterra Energy S.L. is a private, Blackstone-backed developer and operator of large-scale independent power projects, founded in 2013 in Madrid, Spain by Blackstone and a former management team of Iberdrola Renovables. The firm identifies, develops, finances, constructs, and operates energy transition and sustainability assets across Europe, Latin America, Africa, and the Middle East, with a historical operational footprint heavily concentrated in Mexico. Its core portfolio includes the 875 MW Tierra Mojada combined-cycle natural gas-fired plant (equipped with two GE H-Class turbines and one Alstom steam turbine, achieving approximately 62% efficiency), the 252 MW Ventika onshore wind farm, and the 125-166 MWac San Fernando, Santa María, and Orejana solar PV plants, alongside commercialization subsidiaries (Ektria Suministro, Energía Buenavista, Endece, Fisterra Generación) that supply electricity to heavy industrial consumers (steel, cement, electronics, automotive) and execute cross-border electricity trading between the United States (ERCOT/CAISO), Mexico, and Guatemala.
The company's revenue model rests on three streams: (1) development, construction, and eventual sale of greenfield and brownfield generation assets (realized as one-time transaction gains on exit), (2) long-term, US-dollar-denominated power purchase agreements with CFE Suministrador Calificado and large industrial off-takers providing recurring contracted cash flow during the ownership period, and (3) transaction-based fees from wholesale electricity market representation and cross-border power trading. Fisterra describes its go-to-market as a sales-led, direct B2B approach driven by senior relationships with utilities, industrial off-takers, EPC contractors, and equipment manufacturers. Capital is sourced primarily through Blackstone, providing direct access to flexible deployment of secured funds and top-tier project financing.
Since 2016, Fisterra has executed multiple strategic divestitures, selling most of its developed assets — Orejana and Ventika (2016), San Fernando (2018), Tierra Mojada and Ektria Suministro (2022), and Fisterra Generación and Endece (2023) — to acquirers including Zuma Energy, IEnova, Saavi, and Glencore, while continuing to identify new investment opportunities under its develop-and-exit model.
Fisterra Energy firmographics
Firmographics- Name
- Fisterra Energy
- Legal name
- Fisterra Energy S.L.
- Website
- https://fisterraenergy.com
- Company type
- Private
- Founded year
- 2013
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Fisterra Energy is a Blackstone-backed, Madrid-headquartered developer, financier, constructor, and operator of large-scale independent power projects (gas, wind, solar) and electricity supply businesses, primarily in Mexico, executed via a develop-and-exit model serving CFE and heavy industrial off-takers in steel, cement, electronics, and automotive sectors.
- Ownership category
- akta.pro rank
Fisterra Energy industry classification
Industry- Product category
- Independent Power Generation and Energy Transition Investment
- NAICS
- Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112), Wind Electric Power Generation (221115)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Utility-Scale Power Generation Asset Management (EUAEAMAA)
- akta.pro secondary industries
- PPA Origination, Advisory & Contract Management (Negotiation, Credit, Settlements) (EUAGADAL), Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)
Keywords
Where Fisterra Energy is headquartered
LocationHeadquarters
- HQ city
- Alcobendas
- HQ country
- Spain
- HQ region
- Europe
Offices2 records
Markets served
Fisterra Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Infrastructure, Technology or R&D, Operations, Supply Chain, Marketing or Sales
Revenue model
- Power Generation Asset Development and Sale: Developing energy assets (greenfield and brownfield) and M&A opportunities in energy transition and sustainability sectors. Strategic exits after meeting business plan objectives to maximize returns.
- Long-term Power Purchase Agreements (PPAs): Power generated is sold under long-term, US-dollar-denominated PPAs offering price stability for off-takers. Primary supply to CFE Suministrador Calificado and industrial clients.
- Electricity Trading and Supply: Representation of third-party generators on wholesale electricity market in Mexico. Import and export of electricity between USA (Ercot & Caiso) and Mexico and between Mexico and Guatemala.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
Fisterra Energy product offering
Product offeringCore offering
Fisterra Energy develops, finances, constructs, and operates large-scale independent power generation projects (combined-cycle natural gas, solar PV, onshore wind) primarily in Mexico, and provides electricity supply and wholesale market services in Mexico's deregulated energy market. The company is active across the full investment cycle — greenfield and brownfield development as well as M&A of energy assets — sells power under long-term US-dollar-denominated Power Purchase Agreements to state-owned utilities and industrial consumers, and ultimately divests mature assets to strategic buyers.
Product overview
Fisterra Energy operates a dual-track product portfolio: (1) Power Generation Assets comprising five projects totaling approximately 1,418 MW across solar PV (San Fernando, Santa María, Orejana), onshore wind (Ventika), and combined-cycle natural gas (Tierra Mojada); and (2) Commercialization Assets providing electricity market access and trading services (Ektria Suministro, Energía Buenavista, Endece, Fisterra Generación). The company develops greenfield and brownfield projects, then exits via sales to strategic buyers. The portfolio spans the energy value chain from generation to supply, with operations primarily in Mexico and strategic focus across Europe, Latin America, Africa, and the Middle East.
Differentiator
Problem solved
Functional benefit
Products and services
- Tierra Mojada (875 MW Combined-Cycle Power Plant) Standalone 875 MW combined-cycle natural gas-fired power plant in Jalisco, Mexico, equipped with two General Electric H-Class turbines and one Alstom steam turbine achieving approximately 62% efficiency. Power is sold under long-term, US-dollar-denominated Power Purchase Agreements primarily to CFE Suministrador Calificado and industrial consumers in the steel and cement sectors.
- Ventika (252 MW Onshore Wind Farm) Standalone 252 MW onshore wind farm in Nuevo Leon, Mexico, comprising 84 wind turbines of 3 MW output each at 120 meters hub height, with potential 12 MW expansion. Estimated to contribute to annual CO2 emissions reduction of 590,000 tons. Energy is sold under long-term US-dollar-denominated Power Purchase Agreements.
- San Fernando (125 MWac Solar PV Plant) Standalone utility-scale solar PV plant of 125 MWac (150 MWdc) capacity located in Sonora, Mexico, developed by Fisterra as a renewable energy generation asset and divested to IEnova.
- Santa María (166 MWac Solar PV Plant) Standalone utility-scale solar PV plant of 166 MWac (200 MWdc) capacity located in Chihuahua, Mexico, positioned as one of Fisterra's renewable energy generation assets in its Mexican portfolio.
- Orejana (125 MWac Solar PV Project) Solar PV project of 125 MWac (150 MWdc) capacity in Sonora, Mexico, developed by Fisterra as a greenfield renewable asset and divested to Zuma Energy as part of the firm's strategic exit strategy.
- Ektria Suministro (Electricity Supply to Industrial Consumers) Qualified electricity supplier operating in Mexico since 2016, supplying 250 MW of power under a 20-year Power Purchase Agreement to heavy industrial consumers in the steel and cement sectors, with hedge contracts against the Tierra Mojada generator. Sold to Saavi in 2022 alongside the Tierra Mojada power plant.
- Energía Buenavista (Qualified Electricity Supplier) Qualified Supplier service operating in Mexico's deregulated electricity market since 2015, recognized as the first Qualified Supplier awarded a supply license in the new deregulated market. Supplies electricity to industrial consumers in the electronics and automotive sectors.
- Endece (Industrial Electricity Supply via Long-term PPAs) Qualified electricity supplier operating in Mexico's electricity sector since 2022, executing long-term Power Purchase Agreements totaling 436 MW with heavy industrial consumers (Steel and Cement companies) and entering hedge contracts with the Energía de Celaya generator. Sold in August 2023.
- Fisterra Generación (Wholesale Electricity Market Representation and Cross-Border Trading) Wholesale electricity market representation and trading service operating in Mexico's electricity sector since 2018, providing representation of third-party generators on Mexico's wholesale electricity market (Mercado Eléctrico Mayorista) and handling import/export of electricity between the USA (ERCOT and CAISO), Mexico, and Guatemala. Sold to Glencore in August 2023.
Quantifiable outcome
- 590,000 tons annual CO2 emissions reduction from Ventika wind farm
- +1 more outcomes
Companies that use Fisterra Energy
Customer profileNamed customers4 records
Segments3 records
Ideal customer profiles2 records
Fisterra Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature2 records
Fisterra Energy partnerships and signals
Strategic signalScale indicators6 records
Recent moves13 records
Expansion highlights5 records
Fisterra Energy competitors and assessment
Company assessmentBroad incumbents
- EDP Renováveis: EDPR is a global wind and solar IPP/developer with a deep utility-scale pipeline. Highly comparable to Fisterra in business model (develop, own, sell) and target market (emerging markets including Mexico and LATAM), but at far greater scale.
- Enel Green Power: Enel Green Power is a global renewable IPP/developer with multi-GW pipelines across LATAM and Europe. Comparable in technology focus (wind, solar) and the develop-to-own model, though Enel retains assets longer and benefits from balance-sheet support of the Enel group.
- Iberdrola Renovables: Iberdrola is the source of much of Fisterra's management DNA (CEO Barriuso led Iberdrola Renewable Energies). Iberdrola is a global utility-scale renewable IPP/developer with overlapping technology (wind, solar) and historical LATAM focus.
- ENGIE México: ENGIE is a global utility and renewable IPP with a meaningful Mexican generation footprint, including CCGT and renewables supplying CFE and industrial customers. Comparable to Fisterra in Mexican power generation strategy and counterparty profile.
Direct peers
- Atlantica Sustainable Infrastructure: Atlantica is a sustainable infrastructure platform focused on renewables, transmission, and water assets with a develop-acquire-own model and exposure to North America and emerging markets. Closely comparable to Fisterra's utility-scale renewable + commercialization asset mix.
- Cubico Sustainable Investments: Cubico is a global renewables developer/IPP backed by a major pension fund (Ontario Teachers'), operating utility-scale wind and solar in LATAM, Europe and MENA. Closely comparable to Fisterra's Blackstone-backed develop-and-sell platform.
- Actis (Energy): Actis is a PE-backed energy infrastructure investor focused on renewable IPP development across LATAM, Africa and Asia. Directly comparable to Fisterra's sponsor-backed, multi-region utility-scale renewable developer business model.
Emerging players
- Vena Energy: Vena Energy is a Singapore-based renewable IPP/developer focused on Asia-Pacific wind, solar and storage. Comparable in develop-and-own asset model and emerging-market exposure, though geographically distinct from Fisterra's focus.
Regional players
- Celsia: Celsia is a Latin American (primarily Colombia and Central America) renewable and distributed-generation utility/IPP. Comparable as a regional LATAM power generation developer, though Celsia operates a regulated utility model alongside IPP assets.
Others
- Saavi Energía: Saavi is a Mexican power generator/IPP that acquired Tierra Mojada and Ektria Suministro from Fisterra in 2022. Comparable as a Mexican-scale CCGT and PPA-heavy IPP, and a repeat counterparty/buyer relationship from Fisterra's portfolio.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Fisterra Energy social profiles
Digital presenceFisterra Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Fisterra Energy leadership team
Management profileNumber of profiles
Profiles11 records
Fisterra Energy subsidiaries and ownership
Company hierarchySubsidiaries8 records
Fisterra Energy funding detail
Funding detailFunding overview
Funding rounds1 record
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Fisterra Energy M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Fisterra Energy
What does Fisterra Energy do?
Fisterra Energy develops, finances, constructs, and operates large-scale independent power generation projects (combined-cycle natural gas, solar PV, onshore wind) primarily in Mexico, and provides electricity supply and wholesale market services in Mexico's deregulated energy market. The company is active across the full investment cycle — greenfield and brownfield development as well as M&A of energy assets — sells power under long-term US-dollar-denominated Power Purchase Agreements to state-owned utilities and industrial consumers, and ultimately divests mature assets to strategic buyers.
Is Fisterra Energy a public or private company?
Fisterra Energy is a private company. It is classified as private equity controlled and is currently operating.
When was Fisterra Energy founded?
Fisterra Energy was founded in 2013. It employs 11 to 50 people.
Where is Fisterra Energy based?
Fisterra Energy is headquartered in Alcobendas, Spain, in the Europe region.
How does Fisterra Energy make money?
Three revenue lines are on record. Power Generation Asset Development and Sale is the primary driver. The others are long-term Power Purchase Agreements (PPAs) and electricity Trading and Supply.
Who are Fisterra Energy's main competitors?
Broad incumbents on record are EDP Renováveis, Enel Green Power, Iberdrola Renovables and ENGIE México. Direct peers are Atlantica Sustainable Infrastructure, Cubico Sustainable Investments and Actis (Energy). Vena Energy is listed as an emerging player. Celsia is listed as a regional player. Saavi Energía is listed as an others.
Does Fisterra Energy have an API?
No public API is recorded for Fisterra Energy.
What industry is Fisterra Energy in?
Fisterra Energy's product category is Independent Power Generation and Energy Transition Investment. Its primary akta.pro industry code is EUAEAMAA, Utility-Scale Power Generation Asset Management, with a secondary code of EUAGADAL, PPA Origination, Advisory & Contract Management (Negotiation, Credit, Settlements). Its NAICS code is 22111 and its SIC code is 4991.