Spanish natural gas utility Redexis is jumping headlong into Spain’s booming solar energy market, having signed an agreement with the national appliance retailers association FECE (Federación Española de Comerciantes de Electrodomésticos) to offer solar system solutions for homes, business and industries at FECE-affiliated points of sale in appliance stores across Spain.
Redexix, a leader in Spain in natural gas transportation and distribution, is looking to expand its business through the agreement to reach consumers and businesses interested in producing and consuming their own electricity from sustainable solar energy.
The agreement with FECE follows a pilot pre-marketing program rolled out in 2019 by Redexis in which it tested the waters for its entry into the solar field with businesses in Las Palmas, Murcia, Cádiz and Seville.
Satisfied with the results, Redexis will now begin to offer installation of solar systems for homes and businesses, making its pitch to consumers directly at the point of sale at appliance retailers Milar, Expert and Tien21, among others. The FECE association has nearly 6,000 associated outlets nationwide and 100 affiliated retail appliance platforms at the regional level in Spain.
Redexis and FECE see a potential market of 10 million villas in Spain, with homeowners who opt for self-consumption of solar-powered electricity generating a huge business for the natural gas utility and its retail partners.
Redexis was formerly a unit of Spanish energy giant Endesa, but was spunoff and sold in 2010 for nearly 800 million euros to a private investment consortium led by global investment and securities banking group Goldman Sachs, which held 51 percent of the new company. In 2018, Goldman Sachs sold its Redexis stake to Dutch pension funds and Chinese investment banks who were the minority shareholders and now control the company.
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