Total’s wholly owned affiliate Total Solar International has signed two agreements with Powertis and Solarbay Renewable Energy to develop approximately 2GW of solar projects in Spain.
Powertis develops utility-scale solar plants in Europe and South America, while Solarbay is a Spanish company, specialising in building solar photovoltaic (PV) projects.
As part of the agreement between Total Solar International and Powertis, a new joint venture (JV) will be established for developing solar PV projects in Spain. Total Solar International will have a 65% interest in the JV, while Powetis will hold the rest.
Initially, for the new JV, Powertis has agreed to bring in 800MW portfolio of early-stage projects. The JV will also develop new projects in the future.
According to the agreement with Solarbay, Total Solar International is set to acquire a portfolio of 1.2GW solar PV projects.
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By GlobalDataThe companies have not disclosed the financial details of the deal.
Solarbay is developing the solar PV projects. The new facilities will be built in Andalusia, Aragon and Castile-La Mancha regions.
The first project is expected to begin operations by the end of the year, while the remaining projects are expected to start operations by 2023.
Total Renewables senior vice-president Julien Pouget said: “Spain benefits from a solar resource that is unparalleled in Europe. Its photovoltaic market is one of the most dynamic in Europe, with an expected capacity increase from 6GW to nearly 40GW by 2030.
“Total is pleased to enter this fast-growing market through partnerships with local developers.”
Earlier this month, Total acquired a 50% stake in Indian conglomerate Adani Group’s solar business for $510m, as it seeks to expand its renewable energy sources portfolio.
