Norwegian state-owned energy company Statkraft has agreed to sell a portfolio of solar projects in southern Spain for an undisclosed sum.
The projects will be sold to London-listed investor The Renewables Infrastructure Group (TRIG), which is managed by InfraRed Capital Partners and RES.
Statkraft will maintain responsibility for the construction of the four solar parks, which will be co-located in Cadiz and have a total capacity of 234MWp.
The company will start building the solar parks this month, with completion expected in the fourth quarter of next year.
For Statkraft, this is the first significant transaction of a Solarcentury-developed project since the company acquired Solarcentury last November.
Statkraft European Wind and Solar executive vice-president Birgitte Ringstad Vartdal said that the partnership with TRIG is a step forward in achieving the company’s renewable development goals.
Ms Ringstad Vartdal said: “The plants at Cadiz have been developed with the community and the environment at the forefront of our focus, and we are pleased that [TRIG’s] managers, InfraRed and RES, will now continue the management of these assets.
“We will work closely together throughout construction and during [the] handover of the operational plants.”
Once operational, the projects are set to provide enough clean energy to power the equivalent of 120,000 homes and offset more than 160,000t of carbon dioxide emissions a year.
When combined, they are expected to represent almost 6% of TRIG’s entire portfolio value.
TRIG will fund the projects using its revolving credit facility, retained earnings or capital raised from equity issuance.
Statkraft aims to develop 2.5GW to 3GW of wind and solar a year worldwide by 2025.
Last month, the company signed power purchase agreements with German real asset investment management company Aquila Capital for power from the Mastokangas and Korkeakangas wind farms in Finland.