GFG Alliance and Ignis to invest in 1.2GW of Spanish renewable energy projects

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
A current solar facility owned by GFG’s energy business Simec. Image: Simec.

Industrial conglomerate GFG Alliance has signed an agreement with Ignis to co-invest in the development, construction, operation and maintenance of Spanish solar and wind projects with a capacity of around 1.2GW.

GFG’s energy business, Simec Energy Group, has formed a joint venture with Ignis to develop what it describes as “Spain’s largest renewable energy programme for energy intensive industries”.

As the owner of steel and aluminium companies, GFG Alliance said the partnership will help fuel its growth in energy intensive industries as well as its mission to be carbon neutral by 2030. The programme will focus on solar parks across Spain and wind projects in the northern Galicia region, with planned completion by 2023.

GFG Alliance executive chairman Sanjeev Gupta said the joint venture could bring “enormous economic, environmental and social benefits” to both Galicia and Spain as a whole. “We have proved our ability to develop, finance and build these projects elsewhere across the world and look forward to combining our expertise with that of Ignis to do the same here in Spain.”

Simec currently has around 600MW of existing capacity and is developing a further 2GW of renewable energy plants, including a 280MW solar park in South Australia and a 160MW onshore wind farm in Scotland.

For Ignis, the news comes a week after it secured a deal to develop 3.3GW of solar projects in Spain for oil major Total. The company operates and delivers energy management services to 2.7GW of power generation assets and currently has a renewable development portfolio of more than 10GW. 

Read Next

January 26, 2022
Abu Dhabi-based renewables company Masdar has set up a new joint venture (JV) that will focus on developing renewable energy projects across Eastern Europe, Central Asia and Africa.
January 25, 2022
SK Ecoplant, part of the South Korean conglomerate SK Group, has signed a US$200 million joint venture (JV) agreement with Vietnamese rooftop specialists Nami Solar for the development of 250MW of rooftop solar in Vietnam over the next four years.
January 13, 2022
Renewable power purchase agreement (PPA) prices in Europe continue to climb, rising 7.8% quarter-on-quarter in response to the continent’s deepening energy crisis, according to new research from  LevelTen Energy, a provider of renewable transaction infrastructure.
January 13, 2022
Solar developer Invenergy has partnered with US-based investment platform Lafayette Square to form a joint venture (JV) that will develop and operate PV plants primarily serving low- to moderate-income (LMI) communities and areas disproportionately affected by the clean energy transition.
January 12, 2022
A newly launched independent power producer (IPP) from clean energy fund manager Glennmont Partners is to develop a 473MWp portfolio of solar PV plants in Spain.
January 5, 2022
Spain will allocate up to 140MW of distributed solar PV capacity in the country's next renewables auction, set to take place this April.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany