Hanwha Energy sells 204-MW Spanish solar project to Amarenco

South Korean energy solutions company Hanwha Energy said on Wednesday it had recently sold a 204-MW solar project under development in Spain to Ireland-based independent power producer (IPP) Amarenco.

Financial details were not disclosed.

Hanwha Energy bought rights to the project, sited in Spain’s region of Castile and Leon, in 2019. The company had plans to start construction of the solar farm in September this year and launch commercial operation in August 2024, it said.

The latest is the second transaction between Hanwha Energy and Amarenco. In late 2020, the French-Irish IPP acquired a 50-MWp solar farm in Seville from Hanwha Energy.

Hanwha, through unit QEnergy Solutions, is also preparing to sell around 1.1 GWp of solar assets in Spain, Spanish business newspaper El Economista reported on Tuesday, citing financial sources.

The South Korean group is reported to have retained KPMG as financial and law firm Uria Menendez as legal advisors on the sale. According to the news report, Hanwha is mulling two types of transactions -- one through which it will sell 14 solar farms totalling 740 MWp, and another for the sale of a 50% stake in a vehicle that holds 330 MWp to 400 MWp of solar farms.

A third transaction, which would have involved the sale of a 50% stake in a vehicle with 489 MWp of renewables assets in Portugal, has been parked for now, El Economista reported.

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