Aquila Capital has bought a portfolio of project rights for renewable energy projects in Spain.
The allowances offer a total capacity of more than 700MW – they allow more than 400MW of onshore wind projects and around 300MW of solar capacity to be built.
The alternative investment specialist says construction is expected to commence by the end of 2019 with grid connection expected by 2021 – by this time it expects to have more than 1GW of renewables installed on the Iberian Peninsula.
It notes environmental factors and falling technology costs mean renewable infrastructure projects can now be put into action without subsidies being needed.
In order to secure project revenues, Aquila Capital intends to sign long-term power purchase agreements (PPAs).
Roman Rosslenbroich, Co-Founder and CEO of Aquila Capital, said: “This successful transaction underlines the importance of the Iberian Peninsula for investments in European renewable energy infrastructure.
“In this region alone, investors are able to diversify across solar, wind and hydro. To us, Spain and Portugal are key locations for our institutional investors and we intend to further expand our operations in the area.”