French power giant Total has announced a second large solar deal in Spain with the acquisition of a 1.2GW portfolio from Spanish firm Solarbay - adding to its recent 800MW push with Powertis.
Total has fully acquired a Solarbay portfolio featuring projects in the regions of Andalusia, Aragon and Castile-La Mancha. Financial details of the deal were not disclosed by a Total release.
The move brings the Total’s planned entry into Spain's solar market to a total of 2GW of PV capacity. Over the weekend, Madrid-headquartered Powertis also said it would co-develop a PV pipeline in Spain alongside Total. The JV will develop an initial pipeline of 800MW in early-stage projects and will then develop further new projects.
Projects from the two portfolios will come online between 2020 and 2023.
“Spain benefits from a solar resource that is unparalleled in Europe. Its photovoltaic market is one of the most dynamic in Europe, with an expected capacity increase from 6GW to nearly 40GW by 2030,” said Julien Pouget, SVP Renewables at Total.
Total now has 3GW of renewable energy power generation capacity worldwide.
The prospects and challenges of solar's new era in Spain and the rest of Europe will take centre stage atand Large Scale Solar Europe 2020 (Lisbon, on 31 March-1 April 2020).
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.