Cubico Sustainable Investments has acquired Arenales Solar, which owns a 50MW operational concentrated solar power (CSP) plant in Spain, from Pan-European Infrastructure Fund for an undisclosed price.
Arenales is located in Moron de la Frontera near Seville in the south of the country and became operational in 2008.
It uses parabolic trough thermosolar technology with seven hours of molten salt storage, which, combined with an oversized solar field, allows extended generating hours, Cubico said.
Cubico’s portfolio in Iberia now comprises eight assets across Spain and Portugal, including solar PV, CSP and onshore wind, with a total capacity of 279MW.
Cubico Head of EMEA David Swindin said: “We are pleased to be adding another CSP project to our portfolio, building on the excellent experience we have had with the Andasol assets and team that joined Cubico in 2017.
“We believe that the technology offers some big advantages in helping the network cope with the challenges of intermittent renewable power and we look forward to adding further assets to the portfolio in the future.
“Spain is now the largest part of the Cubico portfolio and we are committed to continuing to build on our presence in the country.”
Cubico Iberia head Jose Canales said: “This acquisition is a great example of Cubico´s competitiveness and strong appetite for the Iberian market, where we aim to consolidate a sound and technologically diverse portfolio.
“We are particularly pleased to have also acquired a great team of professionals from the Arenales project, who will strengthen our existing capabilities, contributing to our future growth plans.”