Acciona to acquire 3GW solar power portfolio in US

22 October 2019 (Last Updated June 18th, 2020 17:21)

Spanish renewable firm Acciona has signed an agreement with independent power producer (IPP) Tenaska to acquire a portfolio of solar photovoltaic (PV) projects located across seven states in the US.

Acciona to acquire 3GW solar power portfolio in US
The solar portfolio consists of PV plants with nearly 3GW power generating capacity. Credit: Acciona.

Spanish renewable firm Acciona has signed an agreement with independent power producer (IPP) Tenaska to acquire a portfolio of solar photovoltaic (PV) projects located across seven states in the US.

The portfolio consists of PV plants with nearly 3GW power generating capacity and 1GW of battery storage.

Acciona North America Energy Division director Rafael Esteban said: “This operation represents an opportunity for Acciona to increase our commitment to renewable energy and sustainability in the United States through photovoltaic and energy storage technology, after the investments we have already made in wind power.

“We will materialise a large part of the projects between 2021 and 2023.”

The deal includes 20 solar power projects located in Pennsylvania, Ohio, Kentucky, Illinois, Kansas, Oklahoma and Missouri. The solar project portfolio is within the scope of the PJM Interconnection and Southwest Power Pool markets.

Tenaska Solar Ventures, a solar development services business of Tenaska, will work with Acciona to complete development of the projects.

Tenaska Solar Ventures senior vice-president and leader Steve Johnson said: “We are excited to join forces with ACCIONA on this renewables portfolio, pairing Tenaska’s extensive expertise in development with their origination and construction capabilities.

“This transaction highlights Tenaska’s ability to monetise our team’s knowledge and skillsets while operating under various development models.”

Financial details of the deal have not been disclosed by either company.

Acciona plans to bring eight solar power facilities that are part of the deal online by 2023. These will add 1.5GW of power to its North American renewable energy assets.

The company currently has more than 1.2GW of installed or under construction wind power in the US. It also owns and manages a 64MW concentrated solar power (CSP) plant near Las Vegas.

An example of its wind power projects is the Palmas Altas windfarm in Texas. With a capacity of nearly 145MW, construction began on the windfarm in December 2018 and will cost around $200m.