X-Elio is selling its 50MW solar plant in the south of Spain to German-based Tion Renewables.
The project, which began operations in 2023, is located in the province of Almeria.
It has an installed capacity of 50MW and benefits from a secured offtake based on a power purchase agreement (PPA).
The project is generating the equivalent of the annual electricity consumption of 25,000 households.
The transaction is subject to customary closing conditions and is expected to close at the beginning of February.
Tion Renewables’ investment director for Spain and Italy Gonzalo Gutiérez-Alviz Velasco said: “We have set ourselves ambitious targets in general but in particular in Spain, and it is a pleasure realising them with a distinguished partner like X-Elio.
“Our business model builds on partnerships, which makes this transaction even more valuable since we truly believe this was just beginning of a mutually beneficial partnership.”
X-Elio’s chief financial officer Nicholas Pentreath said: “We are delighted to have reached this agreement with Tion Renewables.
“This sale once more demonstrates our ability to develop, deliver and rotate high-quality projects to leading companies in the sector, such as Tion.
“We are confident that this collaboration marks the beginning of a fruitful relationship between our companies.”