Reden, Vinefield to acquire 400-MW solar project portfolio in Spain

Solar panels. Featured Image: pornvit_v/Shutterstock.com

January 13 (Renewables Now) - French solar power producer Reden and Spanish investment manager Vinefiled Capital have agreed to purchase an over 400-MW portfolio of solar projects in Spain.

Under the deal, the duo will acquire the companies holding the rights to the specific projects from renewable energy developer Viridi RE GmbH and Solar Ambition Europe GmbH, the project holding company of Green Enesys Group. The latter announced the arrangement on Wednesday without providing financial details.

Reden and its partner estimate they will need an investment of over EUR 300 million (USD 343.3m) to build the entire portfolio. The number of projects included in the bundle and their location were not specified.

Once up and running, the photovoltaic (PV) parks are expected to generate enough electricity to cover the consumption of over 250,000 local homes and help offset over 330,000 tonnes of carbon dioxide (CO2) emissions per year.

The acquisition aligns with Reden’s goal to build over 1.7 GW of independently operated solar parks in Iberia by 2030. The company has already brought close to 1 GW of projects to the market and plans to add another 4 GW in the next five years.

(EUR 1.0 = USD 1.144)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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