Clean energy investment platform Renewable Power Capital (RPC) has announced the creation of a new joint venture that will develop and acquire 3.4GW of solar PV in Spain.
UK-based RPC, which was established last year by Canada Pension Plan Investment Board (CPP Investments), has formed the 50:50 joint venture with Spanish PV developer Benbros Solar. The pair will work together to develop a pipeline of 14 solar projects across eight Spanish provinces.
Try Premium for just $1
- Full premium access for the first month at only $1
- Converts to an annual rate after 30 days unless cancelled
- Cancel anytime during the trial period
Premium Benefits
- Expert industry analysis and interviews
- Digital access to PV Tech Power journal
- Exclusive event discounts
Or get the full Premium subscription right away
Or continue reading this article for free
Marking its first move in Spain, UK-based RPC said the country is “a key target for investment” thanks to the attractiveness of its PV market and strong solar radiation.
Benbros Solar is led by Rafael Benjumea, who was previously CEO of PV developer Fotowatio Renewable Ventures and is currently president of Spanish solar association UNEF and chairman of residential PV company Powen. “This partnership with RPC presents us with a fantastic opportunity for growth,” he said.
Majority owned by CPP Investments, RPC is aiming to build a pan-European platform of solar, wind and battery storage assets. RPC CEO Bob Psaradellis said: “I am confident this JV will help further accelerate the renewables transition taking place in Spain.”
CPP Investments last year acquired US-based renewables developer Pattern Energy in a US$6.1 billion deal.
