Israel-based Enlight Renewable Energy has agreed to acquire a portfolio of 490MWdc photovoltaic solar energy projects currently under development in Spain.
The company has signed the agreement with an affiliate of Cerberus Capital Management, a US-based private investment fund, for the acquisition of the projects.
Under the terms of the agreement, the Cerberus Capital affiliate will fund the development of the projects and is responsible for connection to the grid, after their development.
The portfolio includes ten projects in the regions of Andalucía and Valencia, strategically located to have superior radiation in Spain.
Renovalia Energy Group is developing the solar projects involved in the transaction, as part of the existing development agreement with Cerberus Capital.
Enlight Renewable Energy business development SVP Zafrir Yoeli 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.”
In a separate development, Enlight has closed the acquisition of 90.1% stake in Clēnera, a US-based solar and energy storage developer.
The transaction consideration includes initial payments of $158m and performance-based instalments of up to $232m, payable until 2025, based on completion of the projects.
Enlight said that it has achieved all required regulatory approvals within one month from signing of the agreement, and has completed the acquisition.
With the completion of the Clēnera acquisition, the company is enabled to expand its portfolio to 16.8GW and 7.5GWh energy storage.
Enlight CEO Gilad Yavetz said: “We are very proud to complete Clēnera’s acquisition according to the planned schedule and to quickly achieve all required regulatory approvals.
“We believe that the combination of the core capabilities, the experience, the track record and the portfolio of both companies, will generate a leading global renewable energy entity.”
