Greencoat Renewables to buy 50-MW Spanish solar farm from Lightsource bp

Greencoat Renewables Plc (LON:GRP) on Wednesday said it has entered the Spanish market with a deal to acquire the 50-MW Torrubia solar farm, currently under construction, from Lightsource bp.

This is also the first solar acquisition for the renewable infrastructure investment company. The deal will complete when the solar farm becomes fully operational.

Lightsource bp announced the start of construction of the project only last week. The solar array, located in La Muela, is expected to come onstream in the final quarter of 2022.

Greencoat Renewables said the purchase is in line with its European growth strategy and builds on its expansion into France, Finland and Sweden. According to it, Spain has emerged as one of the leading European unsubsidised markets. "The combination of low-cost renewable energy, and a well-developed Corporate PPA [power purchase agreement] market make Spain a very attractive target for renewable energy investment,” said Paul O'Donnell, partner at Greencoat Capital.

Fernando Roger, country head Spain at Lightsource bp, said the deal supports the UK solar developer’s growth in Spain. “By selling and reinvesting in new projects we can increase Lightsource bp's market impact, ultimately positioning Spain as a key hub for our operations,” Roger added.

On Tuesday, British asset management firm Schroders Plc (LON:SDR) announced a deal to buy a 75% stake in Greencoat Capital, the investment manager of Greencoat Renewables.

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