Greencoat Renewables goes into Spanish solar market

• Infrastructure company has gotten 50MW asset from Lightsource BP

Greencoat Renewables is to obtain Torrubia solar ranch from Lightsource BP, noting the firm's initial solar transaction and entrance right into the Spanish market.

The 50MW asset is currently under construction in La Muela, Spain, with beginning of business operations anticipated in Q4 2022.

The transaction is structured under a forward sale version and also will just complete when Torrubia is completely operational.

The agreement is in line with Greencoat Renewables' European growth strategy and adheres to the firm's expansion into France, Finland as well as Sweden.

Spain stands for an interesting chance having become one of the leading European unsubsidised markets, with solid solar resources and also a likewise low cost of power generation.

Lightsource BP will fund and take care of the building of the solar ranch and also will remain to supply functional monitoring solutions.

Greencoat Capital companion Paul O'Donnell claimed: "The combination of affordable renewable resource, as well as a strong Corporate PPA market make Spain a really appealing target for renewable resource investment.

" We're delighted to protect such a top notch asset from Lightsource BP and also have view of further value-accretive possibilities in Spain.

" As the eco-friendly generation market continues to develop, we anticipate to see greater possibility in the unsubsidised sustainable market and also believe Greencoat Renewables is well placed to benefit both in Europe and also in Ireland."

Lightsource BP country head Fernando Roger included: "We are delighted to partner with Greencoat Renewables on this calculated purchase, which will certainly contribute for our growth in the Spanish market

" As one of our leading markets we are wanting to increase the effect that our developments can have on the power transition within Spain.

" By offering and reinvesting in new jobs we can boost Lightsource BP's market influence, eventually positioning Spain as a vital hub for our operations.

" This strategy permits us to increase the speed of our influence on the power change, which is important if we are to effectively move to a low carbon economy in line with federal government targets."