FIEE SGR, one of Europe’s leading private equity funds specializing in the energy transition, has secured a €60 million financing package to support the construction of Naturmet’s first three biomethane plants in Spain. The financing has been structured with the participation of BBVA, Santander, and Abanca, reflecting the growing appetite of the Spanish financial sector for renewable gas projects backed by strong fundamentals.
This transaction comes just a few months after FIEE SGR completed the acquisition of a majority stake in Naturmet in January 2026 through an initial capital increase of approximately €30 million subscribed by its Energy Transition Fund III (ETF III), alongside Spanish private equity manager ABE Capital. The financing now secured marks the next step in the execution of the company’s business plan and accelerates the rollout of its production platform in Spain.
The three plants, whose construction will begin during 2026 and are expected to become operational in 2027, will complement Naturmet’s existing projects, including the biomethane facility in Ólvega (Soria) and the plant currently under construction in Valtierra (Navarre). The completion of this financing provides visibility and execution certainty for a company that currently has a portfolio of 18 projects at various stages of development, with the objective of reaching annual biomethane production of 1 TWh.
FIEE SGR Strengthens Its Position in the Spanish Biogas Market
With the closing of this financing, FIEE SGR takes a decisive step in consolidating its presence in Spain and in the biogas sector. The acquisition of Naturmet in January 2026 marked the fund’s entry into the biofuels segment and represented its second investment in the Spanish market following a transaction completed in 2023. Securing syndicated bank financing of this scale only a few months after the acquisition demonstrates both the robustness of Naturmet’s business model and the confidence of the financial system in its execution capabilities.
The Madrid office, opened in 2024 and led by Javier Infante Bustelo, Head of Investments in Spain, structured the transaction as part of the group’s strategy to expand its footprint in Southern European markets with the highest growth potential in energy transition. Spain, with its extensive gas distribution network and abundant availability of agricultural and agro-industrial waste, offers exceptional structural conditions for the development of industrial-scale biomethane projects.
A Sector in Full Acceleration: Biomethane in Spain and Europe
Naturmet’s growth strategy is taking place against a backdrop of strong sector momentum. According to the European Biogas Association (EBA), installed biomethane production capacity in Europe reached 7 bcm per year in 2024, representing 9% growth compared to the previous year, while the number of operational biomethane plants increased from 1,548 to 1,678 between 2024 and 2025. However, this remains significantly below the European Union’s target of 35 bcm by 2030, highlighting the scale of the investment opportunity still ahead.
Spain is emerging as one of the markets with the greatest potential. With an estimated technical biomethane production capacity of more than 163 TWh per year and over 2,300 suitable sites across the country, Spain ranks fourth in Europe in terms of development potential, according to Sedigas estimates. Furthermore, according to the EBA’s Biomethane Investment Outlook, Spain leads Europe in committed biomethane investment volume, with €4.8 billion allocated to new projects through 2030, ahead of Denmark (€3.1 billion) and the United Kingdom (€2.4 billion).
The Spanish market ended 2025 with 22 biomethane plants in operation, compared with just five in 2022, while more than 50 projects are currently under development nationwide. Total investment committed in Spain during 2024–2025 has already exceeded €3.3 billion, and industry estimates suggest that an additional €7.5 billion will be mobilized during 2025–2026. Biomethane is therefore becoming one of the most dynamic pillars of Spain’s energy transition, with the potential to generate more than 62,000 direct and indirect jobs, according to Sedigas.
"The completion of this financing, only a few months after our investment in Naturmet, is the strongest possible validation of the project’s solidity and of the confidence that the Spanish financial system places in biomethane as an investment asset. For FIEE SGR, Spain is not simply another market; it is the country where we are building a leading renewable gases platform. Spain offers exceptional conditions, combining infrastructure, resources, and investor appetite that place it at the forefront of Europe in this sector. We remain fully committed to that potential," said Javier Infante Bustelo, Head of FIEE SGR’s Spanish office.
About FIEE SGR
Founded in 2014, FIEE SGR (formerly Fondo Italiano per l’Efficienza Energetica) is a private equity management company specializing in the long-term investment of institutional capital in European businesses active in energy efficiency, energy transition, renewable energy, and economic decarbonization.
FIEE SGR currently manages approximately €600 million through four funds, including three closed-end vehicles (FIEE I, FIEE II, and Energy Transition Fund III) and one open-ended fund (SpesX Energy Transition), and holds investments in five portfolio companies.
Its investor base includes insurance groups, fund-of-funds managers, foundations, banks, family offices, and financial institutions, among them the European Investment Bank (EIB) and CDP.
FIEE SGR’s shareholder structure includes its founding partners and Co-Chief Executive Officers, Andrea Marano, Raffaele Mellone, and Andrea Longatti, as well as Fulvio Conti (Chairman), Maurizio Cereda, and Lamse S.p.A.
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