Renewable Power Capital (RPC) has entered into a joint venture with Benbros Solar to develop 14 solar energy projects across Spain totalling 3400MW.
Through the partnership, RPC and Benbros will work together on a portfolio of 3.4GW across the projects located within the regions of Andalucia, Extremadura, Castilla la Mancha, Aragon and Murcia.
The 50:50 joint venture marks RPC’s entry into the Spanish renewables market.
RPC is a renewables investment platform backed by the Canada Pension Plan Investment Board.
Spain is a “key target” for investment alongside the Nordics, where RPC acquired a portfolio of onshore wind projects earlier this year, due to the attractiveness of its renewable energy market in general and solar PV in particular.
Benbros is led by Rafael Benjumea who founded and led FRV, a platform for global solar projects which started in Spain in 2005 and has gone on to become “one of the leading solar companies worldwide” with projects across six continents.
Bob Psaradellis, CEO of RPC, was a member of FRV’s board of directors following an investment in FRV in 2008.
Benjumea is also the president of the Spanish Solar PV Association (UNEF).
Psaradellis said: “We’re delighted to partner with Benbros on this exciting new development. Having been on the Board of Directors for FRV, a Spanish-based solar platform co-founded by the principals of Benbros, I have long-known the world-class development expertise of the team.
“Supported by the market-leading investment capabilities and flexible capital of RPC, I am confident this JV will help further accelerate the renewables transition taking place in Spain.”