Statkraft is to sell four solar farms in Spain with a combined capacity of 234MW to The Renewables Infrastructure Group (TRIG) for an undisclosed price.
The projects are located in Cadiz in southern Spain and are expected to be online in the fourth quarter of next year.
Statkraft will retain the responsibility for the construction, which will begin in September.
TRIG will not bear any construction risk as part of this transaction, notably due to a right to put any of the four projects back to Statkraft in the event that a project is not successfully commissioned by its respective long stop date.
This is the first major transaction of a Solarcentury-developed project for Statkraft since the acquisition of the company in November 2020.
The transaction is expected to complete in respect of three projects that are ready-to-build in third quarter of 2021.
The fourth project is expected to complete in the first quarter of 2022 once development activities are finalised and it is ready-to-build.
Statkraft executive vice president European wind and solar Birgitte Ringstad Vartdal said: “Statkraft is delighted to partner with TRIG, whose focus is on investing in renewables infrastructure.
“The plants at Cadiz have been developed with the community and the environment at the forefront of our focus, and we are pleased that its managers, InfraRed and RES, will now continue the management of these assets.
“We will work closely together throughout construction and during handover of the operational plants.
“The acquisition of Solarcentury has helped Statkraft become a leading solar developer and strengthened our pipeline.
“The Cadiz solar parks exemplify the quality of the project pipeline acquired through our Solarcentury transaction. Statkraft’s global ambition is to develop 2.5 to 3GW of wind and solar annually towards 2025.
“We are confidently on track to reaching our goal to develop eight gigawatts of wind and solar power by 2025.”