Israel's Enlight Renewable Energy has signed an agreement to acquire a portfolio of photovoltaic solar energy projects, in several stages, that are currently under development in Spain, with potential aggregate capacity of approximately 490 Megawatts DC.
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The Spanish government recently increased renewable energy production targets to approximately 74% of total energy consumption by 2030, with most expected to come from solar energy, with an estimated additional capacity of 37,000 MW of solar energy.
The portfolio includes 10 projects in two regions, Andalucía and Valencia, which have some of the best radiation in Spain, and supplements the location of the projects the company is building and developing in Spain, currently in the Castilla La Mancha region. The projects are held through special purpose companies, which at this stage hold most of the rights to the land for construction of the projects and the approvals to connect to the electricity grid.
A consideration will be paid according to milestones based on the development of the projects, which is being handled by Spain's Renovalia Energy Group SLU, with most of the consideration being paid upon completion of the development and after all the permits for construction of the projects have been obtained. The first milestone is for an amount that is not material for the company, and it includes a guarantee for most of the rights to the land and rights to connect to the grid.
The average consideration upon completion of the development is expected to reach 85,000-100,000 euros per MWdc, depending on materialization of the various parameters of the different projects. Enlight estimates that the portfolio projects that materialize will do so gradually, in whole or in part, over a two-year period.
Zafrir Yoeli, senior VP of business development at Enlight, said, "This is another expansion of our portfolio of projects in Spain, which already includes the largest wind farm in Spain which is in advanced stages of construction (Gecama), as well as another 800MWdc in development.
"The new portfolio, which already secured grid connection rights to the national electricity grid, will add significant solar power in high-radiation areas and will diversify our production sources in the Iberian region," Yoeli noted.
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