Statkraft completes sale of four solar parks in Spain
Statkraft has entered into an agreement to sell its portfolio of four co-located solar parks in Cadiz, Southern Spain, to London-listed investor, TRIG, which is managed by InfraRed Capital Partners and RES.
Statkraft will retain the responsibility for the construction, which will begin in September. All four solar parks are projected to be finalised by the fourth quarter of 2022. This is the first major transaction of a Solarcentury-developed project for Statkraft since the acquisition of the company in November 2020. The solar parks have a total capacity of 234 megawatts peak (MWp).
Birgitte Ringstad Vartdal, Executive Vice President European Wind and Solar at Statkraft says that the partnership with TRIG on these four Cadiz solar parks is a step forward for Statkraft in reaching its wind and solar development goals.
“Statkraft is delighted to partner with TRIG, whose focus is on investing in renewables infrastructure. The plants at Cadiz have been developed with the community and the environment at the forefront of our focus, and we are pleased that its managers, InfraRed and RES, will now continue the management of these assets. We will work closely together throughout construction and during handover of the operational plants,” says Ringstad Vartdal.
“The acquisition of Solarcentury has helped Statkraft become a leading solar developer and strengthened our pipeline. The Cadiz solar parks exemplify the quality of the project pipeline acquired through our Solarcentury transaction. Statkraft’s global ambition is to develop 2.5 to 3 gigawatts of wind and solar annually towards 2025. We are confidently on track to reaching our goal to develop eight gigawatts of wind and solar power by 2025,” adds Ringstad Vartdal.
Stefan-Jörg Göbel, SVP Wind and Solar for continental Europe, is keen to point out the requirement for increased renewable energy development, “We need to inject significant pace into our climate action. In just over a year from now, the system at Cadiz will start to generate clean, green energy with completion of the project just a few months later.”
Richard Crawford, Director, Infrastructure, InfraRed, said, “We are pleased to have entered into this strategic partnership with Statkraft; who, having developed these four solar projects in Spain, will stay on to deliver the projects through the construction phase.”
The Renewables Infrastructure Group (“TRIG” or the “Company”) is a leading London-listed renewable energy infrastructure investment company. The Company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects.
TRIG is invested in a portfolio of over 75 wind, solar and battery storage projects with aggregate net generating capacity of over 1.9GW, enough renewable power for over one million homes and displacing over 1.3 million tonnes of carbon emissions per annum TRIG is seeking further suitable investment opportunities which fit its stated Investment Policy.