Alten Global

2 co-founders, a 3rd executive, and 32 employees

The experience of the management team is one of the company’s key strengths. The two co-founders, Carlos Castellanos and Luis Castellanos, after nearly 10 years in investment banking and M&A (at Deutsche Bank and GBS Finanzas for Carlos, and at Lazard for Luis), leveraged their financial expertise to drive the energy transition. Together, they oversee the development, financing, construction, and operation of all Alten projects, including Global Solar. Juan Laso, President of Alten Global and CEO of Alten Europe, joined Carlos and Luis in 2013 to support Alten’s growth strategy. Prior to that, he had founded a Spanish Independent Power Producer (IPP), T-Solar, which quickly became a leading player in Spain’s photovoltaic sector before being acquired by Cubico for €1.5 billion. Maria de Frutos also worked at T-Solar as a Project Director for 11 years before joining Alten in 2019 to lead European Development.

Carlos Castellanos

CEO Alten Americas

Luis Castellanos

CEO Alten Africa

Juan Laso

President and CEO Alten Europe

Maria de Frutos

Director of Development Europe

Each year, the global energy sector emits nearly 36.8 billion tonnes of CO₂, largely due to our dependence on fossil fuels (oil, gas, and coal), which still account for 80% of energy production. This massive consumption of fossil fuels not only contributes to global warming but also leads to air pollution, major environmental disruptions, and the depletion of natural resources.

In recent years, in an effort to reduce fossil fuel consumption, we have witnessed a shift toward electrification, driving a sharp increase in electricity demand. At the same time, fluctuations in the hydrocarbon market expose businesses and local governments to high price volatility, exacerbating energy security concerns. In a context of rising global electricity demand and strong price fluctuations, accelerating the transition to renewable energy sources has become essential.

Moreover, this transition must be accompanied by improved grid management to address the intermittency of the most widely used renewable energy sources (excluding hydropower), such as solar and wind. The expansion of renewable energy must therefore go hand in hand with the deployment of efficient, locally adapted electricity storage systems. These solutions help prevent grid saturation, ensure consistent power quality, and optimize electricity management for grid operators—especially in areas where high production potential contrasts with low local demand, and where energy needs are concentrated in distant regions.

The energy transition is a global challenge aimed at addressing three major issues.

On an environmental level, it tackles climate change with the collective goal of achieving carbon neutrality by 2050. On a geopolitical level, it promotes the development of energy sovereignty to reduce dependence on imported fossil fuels. Finally, on a social level, the energy transition considers population growth and access to electricity for currently underserved populations, which, according to the International Energy Agency, could increase global electricity demand by 30%.

In addition to energy conservation and adaptation, achieving carbon neutrality by 2050 requires phasing out fossil fuels through massive investments in renewable energy. On a global scale, awareness has taken root, particularly among G20 countries, which account for 76% of global emissions.

For example, Italy represents a significant opportunity, driven by strong growth in renewable energy, supported by the National Energy and Climate Plan, which aims to achieve 50 GW of solar PV by 2030 and 65% carbon-free electricity production by 2030.

Meanwhile, Spain is already one of Europe’s most significant electricity markets, with 50% of its electricity generated from renewables in 2023, thanks to favorable weather conditions and supportive regulations (including a new energy roadmap announced in September 2024 targeting 81% renewable electricity production by 2030).

Alten's business model is based on a hybrid and scalable approach, combining the roles of developer and independent renewable energy producer:

- In Spain, Alten operates as a developer, advancing solar projects up to the construction stage before selling them to other operators (70 MW of capacity currently in development in Spain). This model ensures quick revenue generation, which helps finance new developments.

- At the same time, the company follows an Independent Power Producer (IPP) model, particularly in Italy, where it develops solar and battery projects in partnership with local players. The goal is to build and operate a portion of these projects, generating stable revenue streams through electricity sales (80 MW of solar projects in development and 1.5 GW of storage at various stages of progress in Italy).

The sale of the 70 MW portfolio in Spain is intended to finance the development of Battery Energy Storage Systems (BESS) and expand Alten’s Italian portfolio, with a clear strategy to retain assets under an IPP model in Italy. In the long term, Alten aims to maintain ownership and operation of its assets to benefit from recurring electricity sales revenue and establish a sustainable business model.

With a portfolio of 1,120 MW of photovoltaic projects and 1,600 MW of battery energy storage, Alten is making a significant contribution to the energy transition:

- Fighting climate change: The projects under development will prevent 337,000 tonnes of CO₂ emissions annually—the equivalent of the CO₂ emissions from 120,000 vehicles or the planting of 30 million trees each year.

- Large-scale job creation: The portfolio’s development will employ 30 people during the development phase, create over 1,000 jobs for construction, and secure employment for around 60 people during the operational phase.

- Enhancing energy security in local areas: This clean energy production—1,680 GWh of electricity per year—will power 537,000 households, strengthening the sustainability of the regions involved.