Italian asset manager Green Arrow Capital (GAC) has signed a framework agreement with Spanish solar company Progressum Energy Developments (PED) to acquire 508MW of ready-to-build solar PV projects in Spain in a deal worth over €400 million (US$446 million).
Conducted through the Green Arrow Infrastructure of the Future (GAIF) Fund – launched at the beginning of 2021 – the deal sees GAC’s portfolio exceed 800MW of renewables assets in operation, under construction and at the ready-to-build stage.
GAIF also has projects in biomethane production, storage/EV charging infrastructure and 5G towers, it said it a statement.
“This investment will provide the fund with a significant initial presence in the Spanish market,” said GAC. “Our goal is to make further strides towards becoming a key player in energy transition and to expand our strategy of integrating the value chain of the renewable sector internationally.”
In 2019, GAC acquired a 320MW portfolio of renewable energy projects from London-based Quercus Investment Partners for an undisclosed sum.
Milan-based GAC is an independent Italian operator in the alternative investment space, with assets under management amounting to approximately €1.8 billion (US$2 billion).