Greencoat Renewables is to acquire a 50MW wind farm in Valladolid, Spain.
The Andella site will be the company’s third acquisition in the Spanish market and is under construction with commencement of commercial operations expected in the second quarter of 2024.
The project consists of 10 Siemens Gamesa 5MW machines and the turbine manufacturer will provide long-term O&M services.
The transaction is structured under a forward sale model and will only complete once the wind farm is fully operational.
The agreement is a further step in the delivery of Greencoat Renewables’ European expansion strategy and follows growth into Germany, France, Finland and Sweden.
Separately, the company has completed the acquisition of the 50MW Torrubia solar park in Zaragoza, Spain.
Torrubia was signed in December 2020 under a forward sale commitment from Lightsource BP, which managed the construction of the development.
Greencoat Renewables’ total borrowings are now 47% of gross asset value.
Paul O’Donnell, Partner at Schroders Greencoat, the Investment Manager, said: “The combination of low-cost renewable energy and a well-developed corporate PPA market makes Spain a very attractive target for renewable energy investment.
“As the renewables generation market continues to develop, we expect to see greater opportunity for unsubsidised renewables and believe Greencoat Renewables is well positioned to benefit from this growing opportunity.”