Israel-based energy company Enlight Renewable Energy has signed an agreement to acquire a photovoltaic (PV) solar project portfolio in Spain.

Enlight will acquire the 490MWdc portfolio from an affiliate of private investment fund Cerberus Capital Management.

The portfolio comprises ten projects currently in the development phase, located in Andalucía and Valencia.

These projects will supplement the projects that Enlight is currently building and developing in the Castilla La Mancha region.

Most of the projects’ land rights are held through special-purpose companies, as are the approvals to connect the projects to the electricity grid.

Enlight Renewable Energy Business Development senior vice-president Zafrir Yoeli said: “This is another expansion of our portfolio of projects in Spain, which already includes the largest wind farm in Spain in advanced stages of construction (Gecama), as well as another 800MWdc in development.

“The new portfolio, which [has] already secured grid connection rights to the national electricity grid, will add significant solar power in high-radiation areas and will diversify our production sources in the Iberian region.”

Spanish firm Renovalia Energy Group will develop the projects as part of an existing development agreement with Cerberus Capital Management.

Enlight will pay the consideration based on the milestones achieved by the projects. Most of this will be paid once the projects have been developed and have obtained the required construction permits.

It is estimated that the average consideration upon completion of the development would reach between €85,000 ($101,031) and €100,000 ($118,892) for each MWdc, depending on whether or not the projects meet several parameters.

Under the terms of the agreement, Cerberus Capital Management’s affiliate will bear the development costs and guarantees for connection to the grid upon completion.

Enlight will then provide the grid connection guarantees and reimburse the seller for specific expenses for any successfully completed projects.

In June, Enlight signed an agreement to acquire a 90% stake in US-based solar and storage developer Clēnera.