Total has established its presence on the Spanish solar market through two agreements to develop nearly 2 GW of solar projects.
Total, through its wholly-owned affiliate Total Solar International, establishes its presence on the Spanish solar market through two agreements with Powertis and Solarbay Renewable Energy and to develop nearly 2 gigawatts (GW) of solar projects.
“Spain benefits from a solar resource that is unparalleled in Europe. Its photovoltaic market is one of the most dynamic in Europe, with an expected capacity increase from 6 GW to nearly 40 GW by 20301. Total is pleased to enter on this fast-growing market through partnerships with local developers,” said Julien Pouget, senior vice president renewables at Total.
The firm has signed two deals for the 2 GW portfolio, the first being the establishment of a Joint Venture with Powertis with an Initial 800 MW Portfolio of Projects
Total Solar International and Powertis, a developer of utility-scale solar plants in Europe and South America, have agreed to establish a joint venture (65:35) to develop solar PV projects in Spain. Powertis will bring to this joint venture a pipeline of 800 MW of early-stage projects and the JV will develop further new projects as well.
The second deal will see the acquisition of a 1.2 GW portfolio of projects developed by Solarbay. The firm has signed an agreement to acquire 100 percent of a portfolio of solar PV projects which are being developed by the Spanish company Solarbay. The projects, which will be located in the regions of Andalusia, Aragon and Castile-La Mancha, represent a cumulative capacity of up to 1.2 GW.
The first project of these pipelines is set to begin operations by the end of 2020, with the ambition that all projects of both portfolios will be in service in 2023. Success fees will be paid by Total to Solarbay and Powertis along with the steps of the development of the projects.