Capital Dynamics, an independent global private asset management firm, has announced that its Clean Energy Infrastructure (“CEI”) business completed the acquisition of a 100 percent equity stake in the 133 MW Puerto Real 1 project from WElink Group (“WElink”), a leading global developer of renewable energy solutions. Terms of the transaction were not disclosed.

Puerto Real 1 is the CEI team’s second acquisition in Iberia and is expected to be one of the largest utility-scale solar PV facilities in Spain upon achieving commercial operations in the first quarter of 2021. The subsidy-free project, located in the town of Puerto Real (Cadiz province) in Southern Spain, has a long-term power offtake agreement. Once operational, Capital Dynamics will manage over 430 MW of subsidy-free solar projects in Spain.

“Spain remains an attractive market for new renewable power generation as the country has one of the highest solar resources in Europe and a favorable operating environment with low development costs,” said Simon Eaves, Managing Director and Head of Capital Dynamics’ European Clean Energy Infrastructure team. “The acquisition of the Puerto Real 1 project accelerates our investing momentum in Southern Europe and reinforces the scale of our European Clean Energy Infrastructure business.”

The Puerto Real 1 project is estimated to reduce greenhouse emissions by over 175,000 metric tons once fully operational – the equivalent of emissions produced by 38,000 passenger vehicles driven for a year or the electricity to power almost 30,000 homes for a year.[i]  Over the lifetime of the project, the site will employ up to 300 workers, many from the local area.

Dario Bertagna, Director, Clean Energy Infrastructure, said, “Puerto Real 1 is a strong addition to our European portfolio with its high-quality, utility-scale power capacity and long-term contracted offtake agreement. We are delighted to partner with WElink to bring one of largest solar facilities to Spain, and to offer a number of environmental and social benefits for the region, including providing clean power to homes and helping create jobs for the local community.”

Baker McKenzie acted as legal counsel to Capital Dynamics on the acquisition and Everoze S.L. served as technical advisor.

KeyFacts Energy: Renewable Energy news