DOMINION, the global company providing engineering and multi-technology services and projects, has announced the incorporation of Incus Capital as a minority partner in its renewable energy business. 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.

For Mikel Barandiarán, CEO of DOMINION, "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".

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.


We are a global company providing engineering and multi-technology services and projects. We work as a strategic partner by offering our clients holistic solutions in the fields of industry, technology and telecommunications, energy, infrastructure and the home.

Our value proposition is based on maximising the efficiency of business processes thanks to our industry-specific knowledge and the innovative application of technology with an original focus.

Born in Bilbao in 1999, we have a management model and culture based on four key factors: digitalisation, diversification, decentralization and financial discipline. We have a presence in more than 35 countries, with over 1,000 clients and a team made up of over 9,000 employees. We have an annual turnover of more than 1,000 million euros and have been listed on the Spanish stock exchange since April 2016 (DOM:BME). Transformation. Technology. Efficiency.

About Incus Capital

Incus Capital is an advisory firm specialized in real assets with headquarters in Madrid and presence in Spain, Portugal, France and Italy. The operation has been carried out through one of the funds advised by Incus Capital. The firm focuses on offering flexible capital solutions to mid-sized companies in Southern Europe. Since its creation in 2012, the funds advised by Incus Capital have invested more than 1,600 million euros in more than 85 operations in different sectors.


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