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(Alliance News) - Renewables Infrastructure Group Ltd on Monday said it is buying four solar photovoltaic sites in Cadiz, southwestern Spain.
The projects, which were acquired for an undisclosed price, have a total capacity of 234 megawatts.
Guernsey-based sustainable energy sources investor TRIG expects to complete the transaction in the third quarter of 2021, when three of the projects will be shovel-ready. The fourth is expected to complete in the first quarter of 2022 once development activities are finalised.
Solar photovoltaic technology converts sunlight directly into electricity.
All of the projects will be developed and built by hydropower company Statkraft, which is owned by the Norwegian state. Statkraft will bear all construction risks and expects to complete construction in the fourth quarter of 2022.
"This first investment in the Iberian region is a landmark for TRIG, and complements the existing portfolio," said Chair Helen Mahy. "
It builds on the portfolio's technological and geographic diversification, which are key to long-term portfolio resilience."
The projects once completed are expected to represent around 6% of TRIG's portfolio value.
In early August, TRIG said its portfolio valuation at June 30 was GBP2.49 billion, a 12% rise from GBP2.21 billion at December 31 as momentum behind the shift to renewable energy grows.
Shares were down 0.4% at 125.12 pence in London on Monday morning.
By Josie O'Brien; josieobrien@alliancenews.com
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