Spain-based renewables investment companies Matrix Renewables and Rolwind have signed a partnership agreement to develop 1GW of renewable projects.

Matrix Renewables will initially invest in 150MW of three solar photovoltaic assets located in Huelva province. A company statement said that these solar power assets have the potential for co-located energy storage development.

After closing the investment, the company will increase its portfolio of ready-to-build and late-stage development projects in Spain to 275MW.

Matrix Renewables mergers, acquisitions and investments head Iñigo Asensio said: “Matrix is excited about this new investment in Spain, which represents an important step in expanding our presence in Europe.

“These projects have great solar resource, are permitted for storage and have a good grid connection – we are excited to be working with Rolwind to bring them into operation next year.”

Rolwind currently has a portfolio of more than 1.5GW of development projects in Spain and Panama. These are currently in the late stage of development, with construction set to start in the next few months.

Rolwind CEO Domingo Estepa said: “We are delighted to partner with Matrix and TPG in this agreement, which allows us to give a strong boost to our developments in Spain where we currently have more than 1GW in different stages of development.”

Asset manager TPG created Matrix Renewables as well as investment platform The Rise Fund. Matrix has a 1.3GW portfolio, focusing on growth across Europe, the US and Latin America. It also plans to increase its portfolio across the Iberian Peninsula.