The Tordesillas solar farm, Spain. Image by Baywa re (www.baywa-re.com)
Austrian power producer Verbund AG (VIE:VER) has acquired a 147.6-MWp solar project in southern Spain from renewable energy firm BayWa r.e. in line with its strategy to substantially boost the share of solar power in its generation capacity.
The Illora solar park, located in the municipality of Pinos Puente in the province of Granada, consists of three photovoltaic sections that are expected to produce about 260 GWh of green electricity annually, Verbund said on Monday.
Construction of the park started in May 2021 and its commissioning is planned for the first quarter of next year.
The financial terms of the deal are confidential.
The acquisition marks Verbund's entry into the Spanish market and represents a major step towards the goal of boosting its solar and onshore wind capacity to account for between 20% and 25% of its overall generation capacity in 2030.
Verbund, majority-owned by the Austrian state, is among the major hydropower producers in Europe with more than 95% of its electricity coming from hydropower plants in Austria and southern Germany. Its portfolio includes also eight wind parks in Lower Austria and the German state of Rhineland-Palatinate as well as an onshore wind farm on Romania's Black Sea coast.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.