The deal completes another successful year for BayWa r.e. in Spain and contributes to the country's 2030 climate targets. Two of the solar projects are located in the Castilla la Mancha region south of Madrid, while the third project consists of two parks near Granada in Andalusia, southern Spain.
For the three projects, long-term power supply agreements (PPAs) have already been signed in recent months with food company Nestlé, sustainable packaging solutions provider Huhtamaki, and Spanish renewable energy power provider Holaluz.
Benedikt Ortmann, Global Director of Solar Projects at BayWa r.e., says: "We are delighted to sell this high-quality portfolio of projects to L&G NTR Clean Power Fund. Investments like this lay the foundation for the development of new renewable energy plants and play a significant role in achieving climate goals in the country. We have been a success story in Spain for over ten years and have continued to expand our project pipeline there. For some years now, we have been building our solar projects there without subsidies."
PV project pipeline of over 2 GW
BayWa r.e. has already installed wind and solar projects in Spain with a capacity of 500 MW, concluded PPAs for 790 MW and has one of the largest PV project pipelines in the country of over 2 GW.
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Juanjo Álvarez, Managing Director of BayWa r.e. Projects España S.L.U., added: "Spain can play a crucial role in Europe's energy supply thanks to its excellent renewable energy generation capabilities. We are pleased to accompany this process together with our partners LGIM and NTR and to contribute to the fight against climate change. However, it remains of great importance that the regulatory framework also facilitates the development of new projects."
Spain top 3 solar hotspot in Europe
"Spain is already in third place in Europe when it comes to solar energy and is looking to further expand capacity," said Anthony Doherty, Chief Investment Officer, NTR. "Thanks to the partnership with BayWa r.e. as a leading developer and provider of renewable energy solutions, we can now enter this market."
BayWa r.e. has also sold wind and solar farms with a capacity of more than 130 MW in France, Germany and the United Kingdom in recent weeks. (hcn)
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