February 7 (Renewables Now) - Madrid-based solar developer Powertis SA has signed a co-development deal and a power purchase agreement (PPA) with French energy group Total SA (EPA:FP), covering up to 1 GW worth of photovoltaic (PV) projects in Spain.
In a statement released on Friday, Powertis said that the two companies have set up a joint venture (JV) through which Total gets the right to purchase projects developed by the Spanish firm until February 2021.
According to Powertis, its existing Spanish portfolio contains 950 MW of projects in different stages of development, including identified opportunities. Getting these projects off the ground will require an investment of some EUR 700 million (USD 767.5m).
Spanish firm Soltec Energias Renovables SL, a partner of Powertis, will supply equipment and be part of the construction and installation stages of all projects developed under the JV umbrella.
(EUR 1.0 = USD 1.096)