Dominion, an electric utility company, sold the 37.83 MW Valdecarretas solar photovoltaic project in Spain to Renewables Japan Corporation, a Japan-headquarter power generation company. The Valdecarretas photovoltaic park is located in Zamora (Spain) and has been operating since its commissioning last July.
The transaction, which was closed at approximately €980,000 (~$1.08 million) per MW, was valued at more than €37 million (~$41.1 million). The buyer, Renewables Japan, and its shareholder of reference, Tokyu Land Corporation, are focused on the renewable assets independent power producer (IPP) business with projects in Japan and Europe.
This deal is part of Dominion’s divestment strategy of its portfolio of renewable assets and its positioning as a provider of turnkey renewable projects to IPP clients, as the company detailed in the presentation of its strategic plan.
According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.
Adapture Renewables, a utility-scale solar and energy storage project developer, recently announced the acquisition of three solar power projects totaling 450 MWdc/ 333 MWac in MISO territory in Illinois and Arkansas from Tyr Energy Development (TED) Renewables. All three acquired projects are currently in the pre-notice-to-proceed stage, with anticipated commercial operation dates slated for 2025 and 2026. Once operational, the projects will add more than double Adapture Renewables’ portfolio of operating assets to a total of ~800 MWdc.
