Shanghai Electric, Eland target European solar with new €500m joint venture

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Image: Tayan Energy.

Investor Eland Private Equity and Chinese manufacturer and EPC Shanghai Electric have set sights on Europe’s thriving PV market, forming a new joint-venture which they claim will plough some €500 million (US$556 million) into new assets.

The two parties have unveiled Tayan Energy, a JV which currently lays claim to a 2GW pipeline of solar PV projects predominantly located in Spain.

Those projects, as well as other solar and energy storage projects throughout Europe, will be Tayan’s primary focus for the next three years.

The company is to be based out of Madrid and Miguel Domenech, partner at Eland Private Equity, said that the partnership made “complete sense” given the role Chinese companies play in the global solar industry.

Shanghai Electric has formed subsidiaries in both Spain and the UK to target solar markets of note, and their chief executive Andrew MacDonald said the strategy was simple – to develop, build and operate solar assets throughout Europe.

“Shanghai Electric have demonstrated a serious commitment to becoming a global player in renewable energy and have now made a substantial commitment with this entry into the European solar market,” he said.

While Eland has been relatively quiet on the solar front – last seen assisting on solar projects in Spain back in 2015 – Shanghai Electric’s standing in several of solar’s hottest markets continues to rise.

The firm is acting as EPC for a 900MW tranche of Dubai’s Mohammed bin Rashid al-Maktoum Solar Park and is also attached to notable projects in Australia and Latin America.

The deal also adds to other partnerships Shanghai Electric has formed this year, including the prolific renewables developer ACWA Power and UK-based developer Hive Energy.

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
September 16, 2021
North American module manufacturer Silfab Solar has received an investment led by private equity firm ARC Financial Corp to help scale up its US PV production footprint.
PV Tech Premium
September 15, 2021
Record-breaking power prices across Europe have turned the spotlight on the role fossil fuel plants play in generating electricity and how the transition to renewables-plus-storage could lower consumer bills.
September 14, 2021
Polish renewables developer PAD-RES is to be acquired by a joint venture established by real estate investor Kajima and private equity firm Griffin Real Estate.
September 13, 2021
The US House of Representatives has finally unveiled proposals which would extend the Solar Investment Tax Credit (ITC) for 10 years at 30%, but only for projects meeting certain labour conditions.
September 10, 2021
Renewables investor Magnora has increased its stake in Helios Nordic Energy as the Swedish solar developer looks to add 1GW to its pipeline by the end of next year.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021