The Perspective – CEO Series | Spain

As part of our CEO Insights Series, we continue highlighting the leaders driving Zelestra’s growth across key markets. In this edition, we speak with Luis Alvargonzalez, Country Manager Spain at Zelestra, who shares his perspective on market dynamics, customer needs and the evolving renewable energy landscape in Spain.

With extensive experience in infrastructure investment and renewable energy, Luis discusses growth priorities, customer trends and how Zelestra is positioning itself to support the ongoing energy transition.

Q1. Tell us a little about yourself. What led you into the energy sector and ultimately to leading Zelestra?

I started my career in corporate finance advisory and after a few years I knew I wanted to move onto the investment side. This took me to a two-year MBA program at UC Berkeley. After graduating, I moved to London to start my career on the investment side at a private equity management team at Citi.

My experience in the energy sector had been limited as I kept a generalist approach. In 2011, after moving back to Spain, I had the opportunity at Inveravante to move from leading a generalist private equity area to leading a focused renewable energy business unit with a wide investment approach geographically and technologically.

Later, I joined Ferrovial to invest in infrastructure assets and build a new business unit, Ferrovial Power Infrastructure. We started with transmission assets and moved into renewable generation, partnering with major global investors.

At the end of 2021 I saw renewables IPPs evolving from developer-centric businesses toward more sophisticated energy management businesses supported by strong private equity backing. Zelestra represents this evolution toward customer-centric, tailor-made solutions and I am proud to be part of this journey.

Q2. What excites you most about leading Zelestra at this stage of the company’s growth?

Spain is consolidating growth while Germany, Italy and the US are entering acceleration phases similar to what Spain experienced in recent years.

We will have 1GW of operating assets by the end of 2026, positioning us as a significant renewables player in Spain. We are hybridizing that portfolio with BESS, signing sophisticated PPAs and exploring additional growth opportunities aligned with technology diversification across wind, standalone BESS and Solar+BESS.

We are also working on opportunities linked to data center development, where renewable energy demand driven by AI deployment represents a significant growth vector.

Q3. From your perspective as Country Manager, what are the biggest challenges clients across markets are facing today?

Customer demand evolves alongside each market. In Spain we are experiencing solar overcapacity, with increasing zero and negative-priced hours, nodal curtailment and lower PPA prices challenging project viability.

Some C&I customers and hyperscalers are only pursuing data center opportunities that are attached to renewable assets. Storage deployment, standalone or hybridized, is key to correcting this imbalance, although permitting delays and grid access remain challenges.

We also see demand for more sophisticated PPAs requiring flexible renewable delivery, mainly from utilities and traders. Wind assets remain attractive due to stronger capture prices and resilience to curtailment.

Our commercial and product teams continue developing solutions that deliver value for customers and for Zelestra.

Q4. How does Zelestra’s multi technology approach help address these challenges?

Flexibility and tailor-made solutions are key in conversations with customers.

My vision is for Zelestra in Spain to evolve further towards a company that is contracting consolidated generation through layered products. The focus is not on assets but on maximizing value generation through optimized contracting of total output.

Achieving this requires flexibility across wind, solar and BESS. The more flexibility we have, the more value we can create for clients and shareholders. A key milestone is signing our first baseload PPA in Spain before 2027.

Q5. Can you share an example where Zelestra went above and beyond to deliver a solution that met a complex client need?

Project Trujillo is a clear example of Zelestra’s capabilities and innovative approach.

It was a large solar PV project that faced contracting challenges as the market changed in late 2024 and early 2025. The team quickly broadened the potential customer base to include utilities seeking flexible tailor-made products.

We evolved the project into a hybrid Solar PV+BESS structure creating a generation curve attractive to EdP. The result was 170MW solar plus 400MWh BESS, the largest hybrid PPA signed in Europe in 2025 according to Pexapark.

Q6. In your experience, what do clients value most when partnering with Zelestra globally?

Above all, they value dealing with a trustworthy counterparty supported by empathy, product sophistication and delivery capability.

We promise what we can deliver, no more and no less. We disclose challenges early and provide confidence we will meet committed timelines.

Q7. Collaboration is core to Zelestra’s identity. How does working with colleagues across markets strengthen your ability to succeed?

Corporate functions act as conduits for sharing knowledge between business units. Solutions developed in Spain can quickly inform opportunities in other markets and vice versa, strengthening innovation and execution.

Q8. Looking ahead, what are your priorities and expectations for Zelestra over the next 12 months?

Growth remains the priority. Spain targets 0.6 GW of new PPAs and 0.45 GW of new NTPs in 2026, with technology diversification at the core. Beyond hybridizing our PV portfolio with BESS, we are pursuing standalone BESS and wind opportunities.

Customers increasingly demand hybrid solutions and projects linked to data center development. Operational excellence will also be key as Spain represents a large portion of Zelestra’s operating portfolio, including more than 0.5 GW under construction.

2026 is a pivotal year where growth, customer focus and operational excellence will define Zelestra Spain’s trajectory.

Q9. Finally, outside of work, what inspires you as a leader?

My inspiration comes from legacy, being part of an organization making a difference for future generations.

Leadership means providing a clear path, creating an environment where teams thrive and mentoring people to expand their capabilities. Inspiring people is the highest expression of leadership.

The energy transition is evolving quickly, and dialogue across the sector matters more than ever. We invite you to share your views and continue the conversation.