Spanish engineering and industrial construction group TSK Electronica y Electricidad SA has agreed to sell its solar plants in Spain to a Madrid-based renewables-focused fund, business outlet El Economista reported, citing official sources within the company.
The report states that TSK has fully divested its stakes in 71.75 MW of plants to Q-Energy, a fund managed by Qualitas Equity Partners. The assets covered by the transaction include the 50-MW La Africana solar thermal power station with molten salt heat storage system and three photovoltaic (PV) parks.
TSK owned the plants, or parts of them, through its renewables subsidiary Estudios y Energias Renovables SA (ESERSA), which has been the subject of unrealised plans for an initial public offering (IPO) for more than a year. Other options considered for ESERSA included either selling the whole or part of the business or merging it with a listed company, it was reported in January.
The official sources told El Economista that ESERSA is not for sale and will continue to belong to the group. The latest transaction is part of the group’s mature asset rotation strategy, since the plants had been in TSK’s portfolio for more than ten years, the news outlet reported.
Outside of Spain, ESERSA, also an EPC contractor, has had its hand in renewable energy projects in Egypt, El Salvador, Jordan, Mexico, among others, according to its website.
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