Canadian Solar subsidiary Recurrent Energy has acquired a PV portfolio in the south of Spain with a capacity of more than 420MWp.
Recurrent Energy currently has projects in various stages of development in Spain and expects to start construction on more than 1GW of solar projects in the country in 2024.
The recently acquired portfolio is located in Carmona, a municipality in Seville (Andalusia) and consists of a cluster of four projects, Rey I, II, III and IV.
These projects are currently under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon (Tunnel Oxide Passivated Contact) technology modules.
Once completed, Project Rey will not only supply clean, renewable energy, but also contribute economic and social benefits to the local community, including creating jobs and enhancing regional economic development.
The Rey portfolio is expected to produce approximately 916,000MWh of clean energy each year, servicing the needs of more than 275,000 homes in the region and displacing approximately 184,000 tonnes of CO2 emissions.
Ismael Guerrero, chief executive of Recurrent Energy, said: “The acquisition of this solar portfolio reflects our commitment to grow our assets both in Spain and around the world.
“While our goal is to strategically grow our development pipeline and assets under management through greenfield development, we continue to look for high-value acquisition opportunities.
“We are delighted to add the Rey projects to our growing portfolio.”