Spain’s Basque Pension Fund entity Geroa ESPV has entered the shareholding structure of Spanish renewable power retailer, Holaluz, in a deal that includes a seat on the board of directors.

Holaluz said the arrangement with Geroa is part of its €50m investment round, which it expects conclude by the end of 2019. Neither organisations provided financial details on the transaction.

Commenting, Holaluz co-founder and executive president, Carlota Pi, said that adding a partner like Geroa is about more than just money, as Geroa's leader, Virginia Oregui, has a "proven experience in high growth companies".

Fresh capital from Geroa will be used to support Holaluz’s growth and speed up the power company’s plans for self-generation systems, with the target to reach 1,000 solar photovoltaic (PV) installations by the end of the year.

The majority of the Holaluz shareholding remains in the hands of the three co-founders, Carlota Pi, Oriol Vila and Ferran Nogue. Alternative asset manager Axon Partners Group, which invested in Holaluz in 2016, and Geroa, hold minority shareholdings.

Geroa, based in San Sebastián, manages savings of about 110,000 workers and total assets for more than €2,150m.

Geroa's Virginia Oregui said the investment is a "great opportunity". She described Holaluz as "innovative" and "disruptive".

Oregui will sit on the board of Holaluz.

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