UK-based energy investment firm The Renewables Infrastructure Group (TRIG) has acquired a 49% stake in Project Valdesolar, a 264MW solar power park in Spain, from Repsol Renovables.

Repsol will hold the remaining 51% stake in the Valdesolar project, which it developed and built.

The financial details of the deal have not been disclosed.

Located in the province of Badajoz, the operating solar park is spread across more than 6km² and has the capacity to meet the power requirements of 140,000 homes.

TRIG is a London-listed renewable energy infrastructure investment company. It is advised by InfraRed Capital Partners as its investment manager and RES as its operations manager.

The investment in Valdesolar is TRIG’s second in the Iberian region and is intended to enhance its technological and geographical diversification.

InfraRed Capital Partners official Richard Crawford said: “We are very pleased to be partnering with Repsol on this large operating solar project.

“Projects such as Valdesolar offer a route to improved energy security and decarbonisation of the Spanish energy system.

“Together with last year’s investment in the Cadiz solar projects, Valdesolar adds to TRIG’s technological and geographic portfolio diversification.

“Once the Cadiz solar projects are operation, TRIG’s solar portfolio will have net generation capacity in excess of 500MW.” 

TRIG said that Spain currently represents 8% of the company’s portfolio, with solar photovoltaic (PV) accounting for 15%.

Going forward, the company will collaborate with Repsol in managing the Valdesolar project’s exposure to merchant power prices by considering a range of power price hedging strategies.

In September last year, Statkraft agreed to divest a solar project portfolio in southern Spain to TRIG for an undisclosed sum.

Statkraft has maintained responsibility for the construction of the four solar parks, which will be co-located in Cadiz and have a total capacity of 234MWp.