DOMINION expands its Renewable Energy business with the incorporation of Incus Capital as minority partner

02 / 12 / 2021

With this operation, the company seeks to accelerate the growth of its clean energy business and turn it into an IPP (Independent Energy Producer) player of relevance in the sector.

Incus Capital has invested €50M and taken a 23.4% stake in the renewable energy business, thus yielding a €213M valuation after the capital increase. DOMINION has also subscribed to the capital increase with €25M. Together, this injection will finance the existing pipeline that exceeds 1 Gigawatt of power (1GW).

Since 2016, the Basque company has been developing a division wholly dedicated to the development, construction, operation and maintenance of renewable energy infrastructures. Additionally, through its associate BAS Projects Corporation, it participates in the ownership of the assets as and when they come into operation.

With this agreement, DOMINION, with Mirabaud as financial advisor and Cuatrecasas as legal advisor, takes another step towards its strategy of assigning a value to its renewable energy division and guarantees the viability of the projects already in its portfolio. These are located mainly in Europe (Spain, Italy and Portugal), the Dominican Republic and Mexico.

Incus Capital, on the other hand, has had the legal advice of Linklaters and Taiga Mistral as technical advisor.

This deal enables us to crystallize the real value of our renewable energy business while providing us with the necessary funds to continue with our ambitious roadmap for the coming years

Mikel Barandiaran

Mikel Barandiaran


In the first quarter of 2022, the company plans to begin operation of wind and photovoltaic projects in Mexico and the Dominican Republic and finish the quarter with a total of 184 MW of operating assets under management.