ABO Wind, a Wiesbaden-based project developer, reached an agreement with Repsol Renovables for the sale of five renewable energy projects totaling 250 MW. The projects comprise three wind farms totaling 150 MW and two solar projects with a capacity of 100 MW. They are located in the province of Palencia in Northern Spain and will share interconnection infrastructures with other Repsol projects.
The financial terms of the transaction were not disclosed. The acquired projects are in an advanced stage of development and are scheduled to go into operation between 2024 and 2025.
With this latest acquisition, Repsol’s total portfolio in Spain, including operational, under-construction, and near-completed capacity, will increase to 3,200 MW.
As for ABO Wind, the company says it has 1,100 MW of wind and solar PV projects currently in the works in Spain. In recent years, ABO Wind has strengthened activities in Castilla y Léon. In addition to the five projects, the company is developing further ones in the region. Another wind farm developed by ABO Wind between 2019-2022 is currently under construction in the province of Valladolid.
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, 268 large-scale solar project acquisitions were recorded in 2022 compared to 280 in 2021. In 2022, about 66 GW of solar projects were acquired, with project developers picking up the most, reaching 35.7 GW.
In September 2022, ABO Wind sold 200 MW of solar projects to the South African SOLA Group, an independent power producer in South Africa. The South African SOLA Group has already concluded a private Power Purchase Agreement (PPA) for the projects with the mine operator Tronox. These are Africa’s most significant renewable energy projects financed through a corporate PPA. Most renewable energy projects in South Africa receive a government-subsidized tariff awarded through tenders. The project’s construction is yet to begin, and the projects are expected to be operational by 2023.