InfraRed Capital Partners (“InfraRed”) has signed a sale and purchase agreement with Progressum Energy Developments (“Progressum”) to acquire a 1.5GW subsidy-free, solar photovoltaic portfolio in Spain, known as Giralda. The portfolio is being developed by Progressum, part of the Bester Group, and comprises a number of utility-scale plants located in the regions of Andalusia and Castile La Mancha in Southern Spain.
Progressum’s CEO, Marco Antonio Macías, has commented “InfraRed and Progressum are long term partners and have a track reccord of collaborating to successfully deliver solar parks in Mexico. We are excited about this agreement, as it will open up a new dimension to the development, construction, operation and maintenance activities of the Bester Group in Spain. We look forward to developing and building the Giralda portfolio which, once operational, will make an important contribution to the provision of clean and affordable energy in Spain.”
Dulce Mendonça, Investment Director and transaction lead for InfraRed, said: “We are delighted to be partnering with Progressum on the Giralda portfolio. Spain benefits from excellent natural conditions for solar deployment in a non-subsidised environment, and with this acquisition we aim to combine a large-scale investment opportunity with our financing and PPA structuring expertise in sustainable energy.”
This is the seventh investment of InfraRed Infrastructure Fund V – a 12-year term OECD focused development infrastructure fund with US$1.2bn of committed capital and a mandate to invest in three main areas: (i) transportation, economic and social infrastructure, (ii) renewable and sustainable energy generation and (iii) energy supporting infrastructure.