MithraSol specialises in the identification, development, construction and operation of Spanish solar photovoltaic assets and currently has 50MW of assets in development across twelve projects spanning central and southern Spain. The first of our phase one Spanish power plants began feeding electricity into the Spanish grid during Q1 2022 with the second connected and the third broken ground early Q2 2022. We have a deep network of contacts within the region which it is leveraging to identify, evaluate and acquire a significant pipeline of high quality development stage assets.
Our aim is to generate a highly attractive risk-adjusted return on capital for shareholders whilst providing a sustainable energy solution for future generations.
We have the grand ambition to become one of the largest producers of solar power in Spain by 2030 and are building a strong pipeline of development assets to help us achieve this goal.
MithraSol was founded in 2020 by Ethan Dempsey and Stephen Platts under the umbrella of Melqart Asset Management (UK) Ltd. specifically to invest in the Iberian renewables market. Despite our youth as a company, we have many years of experience in our team helping us to deliver upon our aim to generate a highly attractive risk-adjusted return on capital for shareholders whilst providing a sustainable energy solution for future generations.
Prior to founding MithraSol, Ethan was the CEO of SST Renewables Ltd where he developed and built five large scale solar PV projects in the Middle East (40MW in total, 8MW each). He raised €35m from a family office to form a JV company to buyout the development vehicle and build the power plants.
For the 2 years prior to launching SST in 2014, Ethan was the Head of Investment at BNRG Renewables, a renewable power developer, constructor and operator in the UK where he managed over 50MW of Solar PV development and completed the financing and sale of all the developed projects, totalling c€40m in equity and €60m in debt. Specifically he managed the development, financing and EPC negotiations for a 15MW solar farm in the UK.
From 2009-2011 Ethan was the Solar Funding VP at NTR Group plc where he managed funding of NTR’s solar technology and development arm. Between 2004 and 2009, Ethan was a partner at Tisbury Capital Management investing in European equities. AUM rose from $250m to $2.8bn in four years.
Other roles included being Corporate Finance Manager at Fyffes plc, a Director within equity research at UBS and qualifying as a solicitor with Gerrard Scallan & O’Brien, a commercial law firm in Dublin. Ethan holds a law degree from Trinity College in Dublin.
Steve has 30 years experience in financial services, most recently as founder and Chief Operating Officer of Melqart Asset Management (UK) Ltd., a London-based asset manager with ~$2bn of assets under management.
From 2003 to 2010 Steve was a founder member and Chief Operating Officer of Tisbury Capital Management LLP, an event driven manager with assets under management of ~$3bn where Steve managed the business management functions.
From 2000 to 2003 Steve was an Executive Director and Business Unit Manager for European Equity Derivatives at Goldman Sachs. From 1995 to 2000 Steve was a Vice President in the Equity Derivatives Group at JP Morgan. Before joining JP Morgan, Steve worked at Ernst & Young, first as a generalist auditor and later as a member of the International Capital Markets Group.
Steve graduated from St. John’s College, Cambridge in 1990 and holds an M.A. in Mathematics. He is a member of the Institute of Chartered Accountants of England and Wales.
Steve is an executive director of Melqart Asset Management (UK) Ltd. and MithraSol Ltd.
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