Dos Grados

What Dos Grados does

Dos Grados (legal name DOS GRADOS CAPITAL, S.A.) is a privately-held Spanish investment and asset management firm specializing in sustainable real assets, founded in 2016 and headquartered at Paseo de la Castellana 130 in Madrid. The company acquires, develops, and manages renewable electricity generation, energy storage, and green hydrogen projects — assets it describes as 'electro-intensive' — across the Iberian Peninsula. Its core operating assets are the 126.5 MW Fundão solar photovoltaic plant in Castelo Branco, Portugal (inaugurated September 2024 at a €90M investment) and the 105 MWp Tordesillas solar portfolio in Valladolid, Spain, acquired from Q-Energy in January 2025 for approximately €80M with Banco Santander financing. The company additionally lists energy storage solutions and green hydrogen projects as core technology areas, and reports a 600 MW pipeline at various stages of development.

The underlying technology stack is conventional renewable energy infrastructure rather than proprietary or AI-driven systems: utility-scale solar PV generation, battery/energy storage integration for grid stability, and green hydrogen production for industrial applications. Dos Grados generates revenue from two primary streams: electricity sales from operating solar PV assets (Fundão produces approximately 220 GWh/year, equivalent to the consumption of ~61,429 households) and asset management fees on its Iberian portfolio. The Tordesillas plants are expected to serve approximately 58,847 households and avoid 790,882 tonnes of CO₂ per year, while Fundão avoids 825,372 tonnes of CO₂ annually.

The business is a B2B investment and asset management platform targeting institutional investors seeking sustainable real-asset exposure and energy-sector participants (utilities, developers, EPC counterparties) in Spain and Portugal. Go-to-market is relationship-driven, executed through direct investment partnerships, project financing arrangements with banks (notably Banco Santander), and industry association participation (APPA Renovables in Spain, APREN in Portugal). Pricing is not publicly disclosed, consistent with its positioning as a wholesale investment and asset manager rather than a product vendor. The company is led by CEO and founder Luis Palacios Castañeda, with a small leadership team (1–10 total employees) including a Country Head for Portugal and heads of sustainability, communications, and technical functions.

Name

Dos Grados

Legal name

DOS GRADOS CAPITAL, S.A.

Website

https://dosgradoscapital.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

11–50 employees

Short description

Dos Grados is a privately-held Spanish investment and asset management firm that acquires, develops, and manages renewable energy, storage, and green hydrogen assets across the Iberian Peninsula, serving institutional investors and energy-sector participants.

Ownership category

akta.pro rank

Product category

Renewable Energy Asset Management

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

akta.pro industry

PRIMARYEUAEAAAL

Balance-of-Plant (BOP) & Civil Works for Power Plants

Energy, Utilities & Environment/Energy Infrastructure & Services (EPC, O&M, Field Services)/Power Generation EPC & Construction

SECONDARYEUAMAFAD

Electrical BOP & Collection Systems (MV/HV Cabling, Switchgear, Protection, Grounding)

Energy, Utilities & Environment/Renewable Energy (Solar, Wind, Hydro & Geothermal)/Renewable EPC & Construction (Balance of Plant)

Keywords

• Renewable energy investment
• Solar asset management
• Energy storage projects
• Green hydrogen development
• Sustainable real assets

Headquarters

HQ city

Madrid

HQ country

Spain

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Renewable Energy Generation Revenue: Revenue generated from electricity produced by operating solar photovoltaic and wind assets. The Fundão plant produces approximately 220 GWh annually, while the Tordesillas plants will produce enough for ~58,847 households.
2. Asset Management Fees: Management and operation fees from overseeing a 600 MW portfolio of sustainable energy assets on the Iberian Peninsula

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Dos Grados is a specialized investment and asset management company focused on sustainable real assets in the renewable energy sector. It develops, acquires, and operates utility-scale solar photovoltaic and wind power plants, energy storage projects, and green hydrogen initiatives primarily in Spain and Portugal, with an operational portfolio of approximately 600 MW across the Iberian Peninsula. Revenue is generated from electricity sales of operating assets and management fees on the sustainable asset portfolio.

Product overview

Dos Grados is a sustainable real asset investment and management company specializing in renewable energy generation and storage solutions. The company operates a portfolio of solar photovoltaic plants (Fundão at 126.5 MW in Portugal and Tordesillas at 105 MWp in Spain), along with energy storage and green hydrogen projects. The company manages approximately 600 MW of sustainable energy assets across the Iberian Peninsula at various stages of development.

Differentiator

Problem solved

Functional benefit

Products and services

• Fundão Solar Photovoltaic Plant A 126.5 MW utility-scale solar photovoltaic plant located in Fundão, municipality of Castelo Branco, Portugal. The project represents an €90M investment, produces approximately 220 GWh of clean energy annually, avoids 825,372 tonnes of CO₂ per year, and supplies electricity equivalent to 61,429 households. It is Dos Grados' flagship Portuguese operating asset.
• Tordesillas Solar Photovoltaic Plant Two photovoltaic solar parks in Tordesillas (Villalar de los Comuneros, Valladolid, Spain) with a combined installed capacity of 105 MWp (52 MWp each). The €80M acquisition from Q-Energy was financed by Banco Santander and avoids approximately 790,882 tonnes of CO₂ emissions per year, with capacity to power around 58,847 households.
• Energy Storage Solutions Battery-based energy storage projects and solutions within the company's sustainable asset portfolio, designed to stabilize power systems and integrate renewable generation. They form part of the company's broader 600 MW Iberian portfolio and contribute to grid flexibility and renewable integration.
• Green Hydrogen Projects Green hydrogen initiatives focused on electro-intensive projects that contribute to a green economy. The company is actively working on hydrogen opportunities as part of its renewable energy transition strategy, with representation at hydrogen industry forums such as the International Hydrogen Congress in Puertollano.
• Sustainable Real Asset Management Services Investment and asset management services for a portfolio of approximately 600 MW of sustainable energy assets on the Iberian Peninsula at different stages of development. Services span the full lifecycle including development, financing, acquisition, operation, and stewardship of solar, wind, storage, and green hydrogen assets.

Quantifiable outcome

• 825,372 tonnes CO₂ avoided annually by Fundão plant
• +3 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• APPA RenovablescoreStrategic or Co-development Partner · 11 December 2025Spanish Renewable Energy Association. Dos Grados joined as member to reinforce commitment to sustainable energy model and participate in industry advocacy.
• NetZeroCitiesEUminorStrategic or Co-development Partner · 12 November 2024European program commission visited Fundão solar PV plant to exchange knowledge on sustainable projects and practices organized by Municipality of Fundão.
• Câmara Municipal do FundãocoreStrategic or Co-development Partner · 26 September 2024Signed two collaboration agreements: (1) Multidisciplinary team for energy community pilot project in Fundão; (2) Promotion of Merina sheep grazing for rural and forest fire prevention.
• Associação Humanitária dos Bombeiros Voluntários do Fundão (AHBVF)minorStrategic or Co-development Partner · 30 July 2024Sponsorship agreement to improve fire prevention and strengthen safety and protection of natural capital and local community around Fundão solar plant.
• APREN (Associação Portuguesa de Energias Renováveis)coreStrategic or Co-development PartnerPortuguese Renewable Energy Association. Annual participation in Portugal Renewable Energy Summit, the country's most prominent international renewable energy event.

Scale indicators15 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Greenalia: Greenalia is a Galician-headquartered renewable energy developer and IPP with wind, solar, and biomass projects across Spain, competing for institutional capital and Iberian renewable assets.
• Solaria Energia y Medio Ambiente: Solaria is a Madrid-headquartered solar PV developer and IPP focused on the Iberian market, operating and developing utility-scale photovoltaic plants—directly overlapping with Dos Grados' core product offering.
• Q-Energy: Q-Energy is a European renewable energy investment and asset management platform focused on solar PV and wind across Iberia, directly comparable to Dos Grados as a competing acquirer/operator of utility-scale renewable assets; Q-Energy was the seller of the 105 MWp Tordesillas portfolio to Dos Grados.
• Sonnedix: Sonnedix is a global solar IPP with European operational focus that acquires, owns, and operates renewable generation assets—a like-for-like solar IPP/IPP-manager model to Dos Grados.
• Capital Energy: Capital Energy is a Spanish vertically integrated renewable energy developer and IPP operating across wind, solar, and storage in Iberia, competing for the same utility-scale project pipelines and institutional investor capital.
• Audax Renovables: Audax Renovables is a vertically integrated Iberian renewable energy IPP active in solar PV and wind generation across Spain and Portugal, with a comparable Iberian focus and project-finance-backed growth strategy.

Broad incumbents

• EDP Renováveis: EDP Renováveis is one of the largest Iberian and global wind/solar operators headquartered in Spain/Portugal, providing a broad incumbent benchmark for utility-scale renewable asset ownership in Dos Grados' core geography.
• Iberdrola Renovables: Iberdrola is the dominant Iberian utility and one of the world's largest renewable energy owners/operators, providing a broad incumbent peer for Iberian solar/storage project economics and regulatory dynamics.
• Acciona Energía: Acciona Energía is a Spanish-listed renewable energy major with significant Iberian solar and wind capacity and dedicated energy storage investments, serving as a broad incumbent peer across all three of Dos Grados' targeted technologies.
• Brookfield Renewable: Brookfield Renewable is a global renewable energy asset owner and investment platform with operating capacity across solar, wind, storage, and hydrogen—a comparable institutional-grade renewable asset manager at much greater scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/dosgrados

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Dos Grados