Commerz Real has expanded its the European portfolio of its impact fund Klimavest in Spain with the acquisition of the already operational 50MWp Cartuja solar power plant and an in-development 30MW wind project.
The two assets are to be hybridized, with the solar park feeding electricity through a common grid connection during the day and the wind turbines providing power at night and less sunnier seasons.
Klimavest bought the projects from Everwood Capital (90% stake) and project developer Abei Energy (10% stake).
The two sites are in the southern Spanish municipality of Jerez de la Frontera in the Cadiz region on the Atlantic Ocean.
“We have known and appreciated the Spanish renewables market for years and are now entering the wind power segment for the first time,” said head of green deal infrastructure at Commerz Real Yves-Maurice Radwan.
“The Cadiz region is one of the best locations for renewable energy production in Europe due to the sun radiation and wind, and thus offers the best conditions for a hybrid project of this kind.”
The grid connection of the solar park was made in 2021, and the neighbouring onshore wind farm is scheduled to hooked in to the network in 2027.
The two sites will meet the calculated electricity requirements of around 35,000 Spanish households.
Project developer Abei Energy continues to be responsible for the technical maintenance of the solar park as well as the development of the wind project.