March 6 (Renewables Now) - Q CELLS, the solar products company with dual headquarters in South Korea and Germany, has bought from RIC Energy the development rights for 940 MWp of photovoltaic (PV) projects in Spain.
The transaction was agreed by Q CELLS' downstream business unit, which now has over 1 GW of solar projects in Spain plus a 2-GW-plus pipeline across Iberia, Poland and Italy.
The projects in question are expected to reach the shovel-ready state by the first quarter of 2022 and upon completion will be able to produce enough power to meet the annual consumption of more than 500,000 local homes.
"This transaction represents the largest such deal that RIC Energy has completed in the Spanish market to date. Given the size of our current portfolio, we expect to close operations of similar size during 2020," said Jose Luis Moya, CEO of RIC Energy.