German investment and asset development company Aquila Capital has signed an agreement with Viridi RE and Solar Ambition, a subsidiary of Green Enesys Group, to acquire a 500MW solar photovoltaic (PV) portfolio in Spain.
Under the terms of the deal, Viridi RE and Solar Ambition will work on the solar portfolio, which is currently in development, until the assets achieve ready-to-build status.
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Aquila Clean Energy Europe, Middle East and Africa (EMEA) Investment Management head Andrew Wojtek said: “The agreement with Viridi RE and Solar Ambition for the 500MW solar PV projects marks another step in our commitment to generate clean energy and contribute to reaching a net-zero carbon economy.
“It also highlights the importance of the Spanish renewable market for our growth strategy in southern Europe.”
Once fully operational, the solar projects will have the capacity to generate enough clean energy to power 300,000 households in Spain.
They will also have the potential to offset more than 390,000t of carbon emissions a year.
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By GlobalDataViridi Group chief sales and development officer Carlos Izquierdo said: “This achievement and cooperation are very important as we will produce clean and renewable energy and contribute to the energy transition.
“We aim also to contribute, by means of this investment, to the economic growth and social development of the local communities where the projects are located.”
The companies have not disclosed the financial details of the deal.
Akereos Capital advised Viridi RE and Green Enesys Group as their mergers and acquisition partner for the deal, while Montero Aramburu served as legal advisor for the two companies.
In August last year, Statkraft and Aquila Capital signed power purchase agreements for wind assets in Finland.
The companies will receive clean energy from the 68.4MW Mastokangas wind project and the Korkeakangas wind farm, which has 43.2MW of total capacity.
