UK-based InfraRed Capital Partners has agreed to acquire a 1.5GW solar photovoltaic portfolio in Spain from Progressum Energy Developments for an undisclosed price.
The subsidy-free solar portfolio, called Giralda, is being developed by Progressum, the renewable energy arm of the Bester Group.
Giralda comprises various utility-scale plants that will be built in the Andalusia and Castile La Mancha regions in Southern Spain.
Progressum CEO Marco Antonio Macías said: “InfraRed and Progressum are long term partners and have a track reccord of collaborating to successfully deliver solar parks in Mexico.
“We are excited about this agreement, as it will open up a new dimension to the development, construction, operation and maintenance activities of the Bester Group in Spain.
“We look forward to developing and building the Giralda portfolio which, once operational, will make an important contribution to the provision of clean and affordable energy in Spain.”
The transaction marks the seventh investment for InfraRed’s InfraRed Infrastructure Fund V, which is a $1.2bn OECD-focused development infrastructure fund.
InfraRed investment director and transaction lead Dulce Mendonça said: “We are delighted to be partnering with Progressum on the Giralda portfolio.
“Spain benefits from excellent natural conditions for solar deployment in a non-subsidised environment, and with this acquisition we aim to combine a large-scale investment opportunity with our financing and PPA structuring expertise in sustainable energy.”
In October 2018, InfraRed joined forces with Hecate Energy in the US to create a new company called Hecate Grid, focused on the development of utility-scale energy storage projects in North America. The Chicago-based firm has been allotted Hecate’s existing energy storage portfolio, made up of 126MWh of operating and contracted assets, in addition to 600MWh of projects in the pipeline.
In another renewable energy investment, InfraRed in June 2018, acquired a stake of 40% 228MW Lal Lal Wind Farm, which is being built in Victoria, Australia. According to the global investment management firm, the Lal Lal Wind Farm is expected to enter into full operations with its 60 x 3.8MW Vestas turbines in late 2019.