December 19 (Renewables Now) - Portuguese renewable power company Finerge SA has bought six Spanish solar photovoltaic (PV) farms with a combined capacity of 8.1 MWp from local industrial group Martifer SGPS SA (ELI:MAR).
According to information released by Martifer and published in the Securities Market Commission (CMVM) on Wednesday, the company has sold Martifer Renovables ETVE SA, which owns the PV facilities, for a total of EUR 23.5 million (USD 26.1m).
The solar assets are located in the provinces of Huelva, Seville and Salamanca. Together they generate EUR 5 million in revenue annually.
Martifer pointed out that this move is part of its asset rotation, value adding, debt reduction and equity strengthening strategy. Finerge CEO, Pedro Norton, was quoted as saying that the entry into Spain's solar market was natural for the company's international growth.
With the new acquisition, Finerge now has a total installed capacity of 1,049 MW, including the wind farms acquired in November from Brookfield Renewable Partners LP (NYSE:BEP).
(EUR 1 = USD 1.111)