Spain's Audax inks deals to control 69 MWp home-grown solar projects

Solar farm. Author: Alan Levine.

January 19 (Renewables Now) - Spanish renewables and gas company Audax Renovables SA (BME:ADX) has bought a solar portfolio worth 33 MWp at home and reached an agreement to take a majority stake in special purpose vehicles (SPVs) holding a further 36 MWp of projects.

Audax signed both deals with Idena Solar, it said in a securities filing on Tuesday without disclosing financial details.

The acquired portfolio consists of projects that are currently in advanced stages of the permitting process and very close to reaching the ready-to-build (RTB) status. All projects are sited in Spain’s Guadalajara province.

The Cuatro Caminos projects will form a complex of four solar farms totalling 22 MWp. The Cuatro Caminos I and II will have 6.875 MWp each, while sections III and IV will add two times 4.125 MWp.

Elsewhere in Guadalajara, Audax got a hold of the 5.5-MWp Matillas project and the 5.5-MW El Canal, the group said.

Under a separate agreement with Idena Solar, Audax will acquire a 51% stake in SPVs that own RTB projects totalling up to 36 MWp.

The company did not say where these projects are located nor when it expects construction to start.

Over the past several months and bolstered by green bond issues, Audax ramped up efforts to buy and start construction of a number of small-scale solar projects in its native country.

More recently, Audax acquired two 5-MWp projects in Toledo and started building another solar farm in the south of Spain as part of the strategy to grow its generation portfolio and serve customers from own renewable energy output.

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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