PNE enters Spain with majority investment in solar developer Kolya

German wind power-focused renewables company PNE AG (ETR:PNE3) has taken control of Spanish solar developer Coliaenergia Espana SL, or Kolya, thus increasing its own photovoltaic (PV) project pipeline by 40%.

PNE has acquire a 51% stake in Kolya from Consultoria Industrial Beaguihe SL and Garisun Renovables SL for an undisclosed price in the single-digit million range that is partly dependent on the success of the project development.

Kolya’s project pipeline currently totals 1,808 MWp, including around 1,004 MWp for its own development and some 804 MWp for third parties. The firm also has identified initial areas for the development of wind projects.

"With the entry into the Spanish market, which is characterised by excellent natural conditions for solar and wind energy and the good legal framework for renewable energies, we see multiple opportunities to further develop our business model," said Markus Lesser, chairman of the board of management of PNE.

The German company noted that during the second quarter of 2022 it managed to expand its own solar pipeline to 2,408 MWp at the end of June from 1,423 MWp at the end of March 2022. The investment in Kolya further increases its PV pipeline to a total of 4,216 MWp.

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