(SeeNews) - Sep 23, 2014 - US renewable energy firm Greenwood Energy on Monday unveiled a “partial acquisition” of Spain’s Qohelet Investments and said that the two plan to build 500 MW of solar parks in Central America.
The target company develops, builds and operates renewable energy facilities in Spain, Italy, and Latin America.
The deal with Qohelet Investments will result in the establishment of Greenwood Energy Central America, which will build renewable energy plants in Latin America and the Caribbean. The goal of the new entity will be to develop or buy into 500 MW of solar schemes, Greenwood Energy explained.
Qohelet will help with project development, while Greenwood Energy will provide financing and will own the projects following completion. When up and running, the solar plants will sell their output under long-term power purchase agreements (PPAs).
Greenwood Energy, which is owned by privately-held Libra Group, said it August it will develop solar projects of over 250 MW in Mexico by 2017 in partnership with Mexican firm Ilioss.