New joint venture to develop and acquire 3.4GW of Spanish solar

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
The 300MW Talasol project in western Spain. Image: Mytilineos.

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.

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.

Read Next

April 13, 2021
European solar investors are coming to terms with smaller returns, however banks, governments and grid operators could do more to help alleviate risk and ease investor concerns.
April 12, 2021
Spanish energy company Acciona has secured shareholder approval for an initial public offering (IPO) of its renewables division, providing a boost for the firm’s plans to reach 6GW of installed PV by 2025.
April 9, 2021
Spanish independent power producer Opdenergy is preparing to launch an initial public offering to help fund the development of 3.7GW of renewables projects across Europe and the Americas.
April 8, 2021
Iberdrola has formed a strategic alliance with insurance company Mapfre that will initially invest in 230MW of clean energy projects in Spain, including 130MW of solar PV.
March 29, 2021
Oil and gas company Galp has contracted a consortium to start construction work on its first large-scale PV plant in Portugal next month.
March 26, 2021
German agriculture group BayWa is forecasting a significant revenue rise for its renewables unit this year, thanks to a strong project pipeline and growth in PV component trading.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 13, 2021
Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET