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August 12, 2021updated 16 Nov 2021 11:00am

Northland Power acquires onshore renewable portfolio in Spain

With this deal, Northland claims to have become a top ten renewable power operator in Spain.

By Umesh Ellichipuram

Canadian energy company Northland Power has acquired a wind and solar portfolio in Spain from Helia Renovables, a fund sponsored by Plenium Partners and Bankinter.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
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Northland Power paid €348m ($408m), together with the assumption of €716m ($840m) of debt, for the portfolio.

The renewable portfolio has 551MW of combined net capacity, including the acquisition of minority stakes that were not included in the transaction when it was initially announced.

Included in the portfolio are 33 operating onshore wind, solar photovoltaic (PV) and concentrated solar assets located throughout Spain.

The onshore wind assets have 435MW of combined capacity and the solar PV projects have 66MW, while the total capacity of the concentrated solar projects comes to 50MW.

The deal has been financed using proceeds from Northland Power’s common equity offering, which was completed on 14 April.

With the deal’s completion, the company claims to be a top ten renewable power operator in Spain.

Northland Power aims to use the portfolio to build a platform with asset management, development, operations and maintenance capabilities.

It intends to pursue opportunities to acquire and develop renewable assets across Europe over the next decade.

Northland Power president and CEO Mike Crawley said: “We are proud to announce the closing of the Helia acquisition, which supports Northland’s continued growth and leadership in renewable energy and establishes Northland as a top operator in one of Europe’s most attractive renewables markets.

“The acquisition will serve as a platform for future growth in our onshore segment in Europe and we have hired senior members to our local team to help expand our position.

“The acquired assets will provide us with near-term cash flow to support the continued development of our offshore wind ambitions.”

Northland Power currently has a total of 2.8GW of operational capacity and around 4-5GW of capacity in early to medium stages of development.

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Free Report
img

Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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