Renewable

August 18 (Renewables Now) - Spanish electric utility Endesa SA (BME:ELE) has acquired a 48-MWp portfolio of solar projects at home from Arena Power, a compatriot developer and an emerging independent power producer (IPP).

The company bought three photovoltaic (PV) projects located in Cordoba province through its renewables arm Enel Green Power Espana. Endesa will invest EUR 38.5 million (USD 45.3m), a price that includes the costs of purchase and construction of the projects, the utility said.

Construction of the plants is slated to commence in 2023 for an estimated nine-month period.

This is the second purchase agreement between the two companies in 2021. Earlier this year, Endesa bought 519 MW of renewable energy projects from Arena Power. Once up and running, they will feed Endesa’s green hydrogen projects.

With the latest transaction, Endesa has accumulated close to 1,700 MW of new capacity acquired from third parties.

Arena Power got legal advice from Ramon y Cajal. Voltiq was in charge of financial advisory services, while ATA Renewables acted as technical advisor.

(EUR 1.0 = USD 1.177)

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