Renewable Power Capital (RPC) has partnered with Spain-based photovoltaic developer Benbros Solar to develop 14 solar energy projects across Spain.
In a 50:50 joint venture (JV), the companies will work together on a 3.4GW solar project portfolio in the regions of Andalucía, Extremadura, Castilla la Mancha, Aragon and Murcia.
The partnership marks RPC’s first entry into the Spanish renewable energy market. This market is its key target for investment alongside the Nordic countries, where it acquired a portfolio of onshore wind projects this year.
The JV will also deploy a co-development strategy to accelerate RPC’s entry into the Spanish solar market.
RPC CEO Bob Psaradellis said: “We’re delighted to partner with Benbros on this exciting new development.
“Having been on the Board of Directors for FRV, a Spain-based solar platform co-founded by the principals of Benbros, I have long known the world-class development expertise of the team.
“Supported by RPC’s market-leading investment capabilities and flexible capital, I am confident this JV will help further accelerate the renewables transition taking place in Spain.”
RPC chairman Shaun Kingsbury said: “Spain has strong solar resources and with this development portfolio, which is of significant size, we are confident that we will deliver the scale and diversity we seek for our platform.”
Benbros is led by Rafael Benjumea, the founder of FRV, which was founded in Spain in 2005.
Spain is expected to achieve a renewable energy capacity of 50GW by 2025. Because of its strong solar resource, the country has the lowest solar levelised cost of energy (LCOE) in Europe.
This week, UK-based solar energy company Hive Energy sold its Sabinar solar farm project in Cuenca to Israeli investment fund Noy Fund and green tech firm Nofar Energy.
The 252MW solar farm will cover a 452ha area and is due to enter the construction phase this year.