Ence selling 373MW of Spanish solar projects to Naturgy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
An operational PV plant in Spain from Naturgy. Image: Naturgy.

Spanish energy company and pulp producer Ence is selling a portfolio of five solar PV assets in southern Spain to utility Naturgy.

With a combined capacity of 373MW, the projects have network connection permits in place and are set to be built in the Andalucía region, with Ence participating in their construction.

Proceeds from the €62 million (US$70 million) deal, which was carried out through Ence’s renewables subsidiary, Ence Energía, will be reinvested to develop new solar, energy storage and biomass projects.

The transaction follows Ence selling a 49% stake in Ence Energía to UK-based infrastructure investment fund Ancala Partners last year.

For Naturgy, the acquisition comes as the utility looks to increase its renewable generation portfolio from around 5GW to more than 14GW in 2025 as part of a strategic plan unveiled earlier this year that will see the firm invest €14 billion, of which around two-thirds will be earmarked for boosting renewable capacity.

According to that roadmap, the firm will have approximately 6.3GW of solar PV by 2025, with significant capacity additions planned in Europe and the US.

Early this year, Naturgy entered the US’ renewables sector through the acquisition of solar and storage developer Hamel Renewables, with the utility pledging to invest US$1.8 billion to reach an operational capacity of 1.6GW of solar in the US by 2025.

Naturgy has since secured a total of 417MW of solar PV capacity in Spain’s two renewables auctions this year, which took place in January and October.

Read Next

May 26, 2022
Spanish utility Iberdrola will invest €3 billion (US$3.2 billion) in green hydrogen, the company’s chairman, Ignacio Galán, has announced as he called for a stable European framework to boost investment in the technology.
May 24, 2022
Spanish renewables developer Grenergy is looking to expand its presence in Europe in five new markets in the wake of the continent's REPowerEU plan.
May 6, 2022
German renewables company BayWa r.e. will tender 10TWh of green electricity later this year, describing the move as a “turning point” for Europe’s power purchase agreement (PPA) market.
May 6, 2022
The European Union (EU) should set higher solar PV deployment targets and speed up the energy transition to phase out its energy dependency on Russia as soon as possible, according to five member states of the bloc.
May 5, 2022
German conglomerate BayWa benefited from high demand for solar modules during the first quarter of 2022, with its revenues bolstered by the sale of an operational PV plant in the US.
May 2, 2022
Indian Independent power producer (IPP) ReNew Power has signed a number of offtake agreements with both state utilities and corporates in India totalling roughly 2GW.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas