German asset manager Aquila Capital has agreed to buy a 500MW solar PV portfolio under development in Spain.
Viridi RE and Solar Ambition Europe, a subsidiary of Green Enesys Group, will retain ownership of the projects until they have reached ready-to-build status.
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Viridi and Green Enesys are developing the solar plants as part of a global 5GW renewables development pipeline, which includes green hydrogen projects.
They have been advised on the sale of the Spanish assets by M&A partner Akereos Capital and law firm Montero Aramburu.