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.