Spanish independent power producer (IPP) Opdenergy Holding SA has reached an agreement to sell a 1,044-MW solar portfolio in Spain to Madrid-based renewables investment vehicle Bruc Energy, the parties announced on Monday.
The capacity corresponds to 20 solar projects, with granted grid access rights, located across provinces of Cadiz, Seville, Valladolid, Burgos, Soria, Zaragoza and Teruel.
The transaction specifies that Opdenergy is to continue developing the projects until they all reach the ready-to-build stage, which is expected to happen gradually in the second half of 2022. In 2022, the assets will be transferred to Bruc Energy.
Financial terms of the agreement were not disclosed.
Proceeds from the portfolio sale will enable Opdenergy to fund the development of projects in the backlog, totalling 942 MW in Spain and the US. On top of these, the IPP will reach 585 MW of generating capacity in Spain, Mexico, Italy and Chile by the end of 2021, the press release states.
For Bruc Energy, a vehicle set up by Spanish fund manager Bruc Management, the portfolio acquisition will help it surpass 5,000 MW of renewables in operation, under construction and development.
The presence of Canadian pension fund OPTrust and UK private pension fund, the Universities Superannuation Scheme (USS), in Bruc Energy’s shareholding structure will ensure the financing of the acquired projects, the companies said.
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