OX2 Sells 119 MW Solar Project in Australia

Capital Dynamics, an independent global private asset management firm, announced that its Clean Energy business acquired a 100% equity stake in six solar projects in Spain, which it bought via two deals.

The first acquisition represents a 157 MW portfolio comprising three construction-ready solar PV projects in Andalucía, Spain. These projects are currently under construction and are expected to be completed by the end of 2024.

The second acquisition comprises a 160 MW portfolio comprising three fully consented, construction-ready solar PV projects located in the Aragon province of Spain. The projects are expected to reach commercial operations in the second half of 2025.

All six projects have also entered into Pay-as-Produced power purchase agreements with an S&P 500 company. Once operational, the portfolios are expected to produce clean electricity enough to power over 195,751 households annually.

“Spain continues to be a prime market for our investment strategy, and we expect to deploy substantial capital in the region. Spain’s robust PPA market enables us to mitigate risk and enhance asset returns. With increasing government support and the anticipated stabilization of rates across Europe, the upcoming year is crucial for creating value for our investors and contributing to a more sustainable future,” stated Dario Bertagna, Co-Head of Capital Dynamics Clean Energy.

Baker McKenzie provided legal counsel to Capital Dynamics on the acquisition process, and Everoze and Enertis acted as lead technical advisors.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a quarter-over-quarter comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Recently, BayWa r.e., a renewable energy service provider, developer, and distributor, announced the acquisition of the 46 MW White Gate solar project in Constanța county in Southeastern Romania. Romanian-based law firm Filip & Company advised the company. Financial details about the transaction were not disclosed.


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