Oil-and-gas multinational Shell Plc (LON:SHEL) has signed an agreement with Seville-based sustainable investor Green Tie Capital to develop over 2 GWp of solar projects in Spain, according to multiple reports by the Spanish media.
Some of those projects already have a grid connection, while others are supposed to enable Shell to take part in upcoming grid capacity auctions in Spain, the reports state.
Green Tie Capital is said to have developed more than 3 GWp of solar projects, and has ample experience in project development in Spain. For Shell, its partnership with Green Tie will help it accelerate the supply of renewable energy to its customers in Spain and Europe in the next five years, Celia Roldan Garcia, director of Shell’s Onshore Power Iberia, was quoted as saying.
As an oil-and-gas major, Shell has been present in Spain since 1920. In 2018, the company entered the local renewables market.
Over the past years, Shell signed power purchase agreements (PPAs) with entities such as Solaria Energia y Medio Ambiente SA (BME:SLR), Sunco Capital and Foresight Solar Fund Ltd (LON:FSFL) to back their solar energy projects in Spain. Earlier this year, the multi-energy giant signed an agreement with Spanish renewables developer Capital Energy to jointly study opportunities in the offshore wind market in Spain and Portugal.
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