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.

Northland Power paid €348m ($408m), together with the assumption of €716m ($840m) of debt, for the portfolio.

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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.