Global investment manager InfraRed Capital Partners is to acquire 1500MW of Spanish photovoltaic assets.
InfraRed has signed a sale and purchase agreement with Progressum Energy Developments, part of the Bester Group, to acquire the 1.5GW subsidy-free Giralda portfolio.
The portfolio, which Progressum is developing, comprises several utility-scale plants located in Andalusia and Castile La Mancha in southern Spain.
Progressum chef executive Marco Antonio Macias said: “InfraRed and Progressum are long term partners and have a track record of collaborating to successfully deliver solar parks in Mexico.
“We are excited about this agreement, as it will open up a new dimension to the development, construction, operation and maintenance activities of the Bester Group in Spain.
He added: “We look forward to developing and building the Giralda portfolio which, once operational, will make an important contribution to the provision of clean and affordable energy in Spain.”
InfraRed investment director and transaction lead Dulce Mendonca said: “We are delighted to be partnering with Progressum on the Giralda portfolio.
“Spain benefits from excellent natural conditions for solar deployment in a non-subsidised environment, and with this acquisition we aim to combine a large-scale investment opportunity with our financing and PPA structuring expertise in sustainable energy.”