FIEE Sgr Enters Biomethane With Majority Stake in Spain’s Naturmet

FIEE Sgr, a European financial operator dedicated to the energy transition, enters the biomethane sector and consolidates its presence in Spain with the acquisition of a majority stake in Naturmet.

The transaction was completed through an initial capital increase of approximately €30 million, subscribed by Energy Transition Fund III (ETF III), the third vehicle of FIEE SGR, launched in 2025, as Lead Investor with the participation of ABE Capital, a Spanish private equity firm already an investor in Naturmet. Subsequently, and depending on the development of the company’s pipeline, an additional €10 million will be invested in support.

Rafael Lavín, founder of the company and of Grupo Oleofat, will retain a significant stake in Naturmet and will continue to serve as Chairman of the Board of Directors, while also temporarily assuming the role of CEO, ensuring the company’s strategic and operational continuity.

FIEE SGR’s investment aims to support Naturmet’s growth plans, which currently include 18 projects under development to achieve 1 TWh of annual biomethane production

Born as a spin-off of the Iberian Grupo Oleofat, active in the production of advanced second-generation biodiesel derived from substances of plant origin, Naturmet positions itself as one of the most advanced companies in the development of production plants for biomethane from agricultural and agro-industrial waste.

FIEE’s initiative, which plans to achieve EBITDA of €30 million by 2030, is based on a circular economy project involving agriculture, industry, and technology for the development of a completely renewable, greenhouse gas-neutral biogas. Projects already in operation (Ólvega) and others currently under construction, including those in Valtierra (Navarra) and Almendralejo (Badajoz). Furthermore, Naturmet plans to begin construction of three additional plants during 2026, with entry into service scheduled for 2027, within a pipeline of 12 other projects in various stages of development.

With its entry into Naturmet, FIEE SGR consolidates its presence in Spain following the first transaction concluded in 2023 and the launch, in 2024, of the Madrid office – led by Javier Infante Bustelo, Spain Investment Director – which finalized the transaction.

The transaction also marks FIEE SGR’s entry into the biofuels sector, a key segment for Europe’s energy transition, with Spain being one of the countries with the greatest development prospects on the continent. According to estimates by Sedigas, the Spanish gas association, the Iberian Peninsula is already the fourth-largest European market for biomethane production, expected to reach volumes of 163 TWh annually, generating over 62,000 direct and indirect jobs.

The EBA (European Biogas Association) also ranks Spain at the top of the list of European countries receiving private investment for the development of the segment, with an estimated €4.8 billion through 2030, compared to €3.1 billion for Denmark and €2.4 billion for the United Kingdom.

“The investment in Naturmet marks an important milestone for FIEE SGR. It is not only the first transaction from our third fund, launched just a year ago, but also our entry into the extremely important biofuels sector, which perfectly fits our mission to promote the energy transition and efficiency by exploring the vast untapped potential across Europe. This investment approach continues to prove successful, also thanks to our decision to launch an internationalization process from Spain. This second transaction allows us to consolidate our presence in the region, a market with great potential,” commented Andrea Marano, Raffaele Mellone, and Andrea Longatti, co-CEOs and Founding Partners of FIEE SGR.

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(Featured image by Julia Koblitz via Unsplash)

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