Asset manager Capital Dynamics has completed the acquisition of a 100% equity stake in the 133MW Puerto Real 1 photovoltaic project in Spain.
The company’s Clean Energy Infrastructure business acquired the project, located in Cadiz in southern Spain, from WElink.
Puerto Real 1 is slated to start commercial operation in the first quarter of 2021 and has a long-term power offtake agreement.
Once operational, Puerto Real 1 will bring the total of subsidy-free solar capacity managed by Capital Dynamics in Spain to over 430MW.
“Spain remains an attractive market for new renewable power generation as the country has one of the highest solar resources in Europe and a favourable operating environment with low development costs,” said Simon Eaves, managing director and head of Capital Dynamics’ European Clean Energy Infrastructure team.
Puerto Real 1 will employ up to 300 workers, many from the local area.