Alternative investor Aquila Capital has acquired the project rights for onshore wind and solar projects totalling over 700MW in Spain for an undisclosed price from an unnamed seller.
The portfolio includes more than 400MW of wind and about 300MW of photovoltaic developments.
Construction is expected to start by the end of 2019 with grid connection scheduled by 2021.
Aquila Capital said that in order to secure project revenue it intends to secure long-term power purchase agreements for the plants.
Aquila Capital co-founder and chief executive Roman Rosslenbroich said: “This successful transaction underlines the importance of the Iberian Peninsula for investments in European renewable energy infrastructure.
“In this region alone, investors are able to diversify across solar, wind and hydro. To us, Spain and Portugal are key locations for our institutional investors and we intend to further expand our operations in the area.”