Aquila Capital has purchased project rights to more than 700MW renewable energy projects in Spain.
Financial details of the transaction have not been divulged by either company.
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By GlobalDataThe renewable energy projects include more than 400MW in onshore wind and 300MW in solar.
Construction of these projects is expected to begin at the end of this year and be connected to the grid by 2021.
Aquila Capital co-founder and CEO Roman Rosslenbroich said: “This successful transaction underlines the importance of the Iberian Peninsula for investments in European renewable energy infrastructure. In this region alone, investors are able to diversify across solar, wind and hydro.
“To us, Spain and Portugal are key locations for our institutional investors and we intend to further expand our operations in the area.”
The firm has plans to contract long-term power purchase agreements (PPAs) for securing project revenues.
With the addition of the latest project rights, Aquila Capital has expanded its project portfolio on the Iberian Peninsula to more than 1GW, having established its first project in Portugal in 2017.
The company also has interests in other countries such as Norway. In April 2017 Aquila purchased six hydropower plants from energy company BKK for an undisclosed fee.
