Israeli independent power producer Enlight Renewable Energy has secured a deal to acquire a portfolio of solar projects in Spain with a combined capacity of 490MWdc.
The ten plants are being acquired from an affiliate of private investment fund Cerberus Capital Management, with consideration paid according to milestones based on the progress in development, which could reach up to €49 million (US$58 million).
The average consideration upon completion of the development is expected to reach €85,000-€100,000 per MWdc, depending on materialisation of the various parameters of the different projects.
Renovalia Energy Group is developing the plants in the regions of Andalucía and Valencia. Zafrir Yoeli, Enlight SVP business development, said: “The new portfolio, which already secured grid connection rights to the national electricity grid, will add significant solar power in high-radiation areas and will diversify our production sources in the Iberian region.”
The projects are held through special purpose companies, which at this stage hold most of the rights to the land for construction of the projects and the approvals to connect to the electricity grid.
Enlight estimates that it will take two years for the portfolio projects to materialise.
The Spanish government recently increased renewable energy production targets to approximately 74% of total energy consumption by 2030, with most expected to come from solar.
Meanwhile, one month after announcing the deal, Enlight has also completed the acquisition of 90% of US-based solar and storage developer Clēnera.
“We are very proud to complete Clēnera’s acquisition according to the planned schedule and to quickly achieve all required regulatory approvals. We believe that the combination of the core capabilities, the experience, the track record and the portfolio of both companies, will generate a leading global renewable energy entity,” said Gilad Yavetz, CEO of Enlight.
Clēnera is promoting a development portfolio across 20 states in the US. The development backlog included in the transaction consists of approximately 50 large-scale solar projects in various stages of development with a combined capacity of 12GWdc.