Shell has acquired Green Tie Capital’s (GTC) platform of 10 solar projects across Spain, with potential for 2GW of generation capacity once built.
The 2GW of medium maturity projects have secured land exclusivity rights, demonstrated feasibility and are in either an early or an advanced stage of development.
Óscar Fernández, Shell Spain country chairman, said: “Shell’s Group strategy is to lead the energy transition in the markets in which it operates.
“With this acquisition we seek not only to increase the portfolio of renewable energy generation assets in the short term, but establish the capability to grow our renewal business in Spain further.”
This deal follows the framework agreement signed with GTC earlier this year.
The transaction has completed, and the associated cash capex is covered by Shell’s current capital range for Renewables & Energy Solutions.
Twelve GTC staff will join Shell Espaňa and integrate in Shell´s Renewable Generation business.