Macquarie’s GIG, Univergy launch joint developer Nara Solar

Green Investment Group Ltd (GIG), and Spanish-Japanese renewables company Univergy International SL announced on Monday the launch of a joint platform called Nara Solar that will initially pursue the development of a 700-MW-plus solar pipeline.

Nara Solar is established as a 50/50 joint venture between GIG, an infrastructure investment vehicle of Macquarie Group Ltd (ASX:MQG), and Univergy.

The platform’s principal task will be the development of small to utility-scale early-stage solar projects. Its initial focus will be the Spanish market as well as the development of Univergy’s existing portfolio of over 35 projects in Spain, France and the Netherlands.

Nara Solar’s headquarters is stationed in Madrid from where the platform will seek to triple the capacity of the current Spanish portfolio in the coming year.

The Spanish market will account for more than 8 GW out of 93 GW of Europe’s new solar capacity expected to be installed in the 2018-2022 period, GIG and Univergy said, quoting a report by Solar Power Europe.

Univergy’s chief project development officer Yago Acon has been appointed the CEO of Nara Solar.

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