Emeren Group, a solar project developer, announced the sale of a 42 MW ready-to-build solar project portfolio in Spain to CVE España, part of CVE, a French independent power producer (IPP).
The portfolio comprises eight greenfield projects with capacities ranging from 5 MW to 6 MW. One project has already been closed, while the rest will be closed during Q3 and are classified as ready-to-build (RTB). Six projects are in Castilla-y-Leon, one in Comunidad Valenciana, and the last in Andalucia.
Yumin Liu, CEO of Emeren Group, commented, “We are pleased to partner with CVE Group on the portfolio of eight solar power plants. This is a great achievement and an important milestone for our business in Spain, and it reinforces our commitment to expanding our solar and battery storage portfolio. We began the development of this portfolio in 2021 and managed to grow quickly in a competitive and promising Spanish PV market.”
Pierre de Froidefond, Managing partner of CVE, said, “We’re thrilled that Emeren partnered with CVE and we look forward to continuing to develop our relationship. This transaction accelerates our development as it will allow us to triplicate our installed capacity by late 2025 (up to 65 MWp) in Spain, an active market aligned with our strategic goals: produce distributed solar energy and sell it through PPAs.”
Last year, Emeren announced the sale of a 53.6 MW solar project portfolio in Hungary to Kronospan/Douglas Renewables, a manufacturer of wood-based panels.
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, Obton, a solar and energy storage project developer, announced its joint venture with GSSG Solar, a renewable energy investment company, and its affiliates to acquire nine solar projects in Japan with a total capacity of 117 MW.
