Multinational solar energy company Sonnedix has acquired a 300MWp solar photovoltaic portfolio being developed in Spain from RIC Energy.
Located in Cuenca, the solar portfolio is divided into two clusters, each with 150MWp of capacity.
Sonnedix CEO Axel Thiemann said: “We are very excited about this acquisition, which brings our total controlled capacity in Spain to more than 700MW and consolidates our company as the top solar independent power producer in the country.
“This project demonstrates our strong commitment to the Spanish market and the expansion of solar around the world in line with our Sustainable Growth strategy.
“We continue looking for opportunities to acquire development projects and partner with strong players with whom we can continue pushing the energy transition forward.”
All the solar assets included in the deal are compliant with recent Royal Decree deadlines and have secured land and grid access.
Construction works are expected to begin by the end of next year.
RIC Energy commercial director Jesús de Fuentes said: “Our team is sparing no effort in these projects by working with municipalities to ensure that we are maximising the ecological and economic benefits to the host communities.”
Sonnedix has projects with almost 2GW of combined capacity either operational or under construction across eight countries, as well as more than 2GW of development pipeline.
The company’s Spanish portfolio includes 140 solar PV plants with more than 350MW of combined capacity in the operational phase, as well as 350MW in the development pipeline.
Oca Global served as technical advisor to Sonnedix for the deal, while Ashurst acted as legal advisor. RIC Energy was advised by Simmons and Simmons.
The financial details of the deal have not been disclosed by either company.
Last November, Sonnedix acquired a 160MW solar photovoltaic project in Chile from Andes Solar, a renewable energy developer and constructor.