Ence retailing 373MW of Spanish solar projects to Naturgy

• Spanish power company and also pulp manufacturer Ence is selling a portfolio of five solar PV properties in southerly Spain to energy Naturgy.

With an incorporated capacity of 373MW, the projects have network connection allows in place and are readied to be built in the Andalucían area, with Ence joining their construction.

Profits from the EUR62 million (US$ 70 million) offer, which was accomplished via Ence's renewables subsidiary, Ence Energía, will be reinvested to establish new solar, power storage space and also biomass projects.

The deal adheres to Ence offering a 49% stake in Ence Energía to UK-based framework mutual fund Ancala Partners last year.

For Naturgy, the purchase comes as the energy wants to raise its sustainable generation portfolio from around 5GW to greater than 14GW in 2025 as part of a strategic plan revealed previously this year that will certainly see the firm invest EUR14 billion, of which around two-thirds will be set aside for enhancing sustainable capacity.

According to that roadmap, the firm will certainly have about 6.3 GW of solar PV by 2025, with considerable capacity additions intended in Europe and the United States.

Early this year, Naturgy got in the United States' renewables market with the acquisition of solar and also storage space developer Hamel Renewables, with the utility pledging to invest US$ 1.8 billion to get to a functional capacity of 1.6 GW of solar in the United States by 2025.

Naturgy has actually given that safeguarded an overall of 417MW of solar PV capacity in Spain's two renewables auctions this year, which happened in January and October.