Recurrent Energy, a global developer, owner, and operator of solar and energy storage and a subsidiary of Canadian Solar, announced the acquisition of a solar PV portfolio with more than 420 MW capacity in South Spain.
The portfolio, located in Carmona, consists of a cluster of four projects, Rey I, II, III, and IV, which are currently under construction and will feature Canadian Solar’s TopBiHiKu7 N-type bifacial TOPCon technology modules.
The portfolio is expected to produce approximately 916,000 MWh of clean energy each year, servicing the needs of more than 275,000 homes in the region and displacing approximately 184,000 tons of CO2 emissions.
Recurrent Energy currently has projects in various stages of development in Spain and expects to start construction on more than 1 GW of solar projects in the country in 2024.
Ismael Guerrero, CEO of Recurrent Energy, said, “The acquisition of this solar portfolio reflects our commitment to grow our assets both in Spain and around the world. While our goal is to strategically grow our development pipeline and assets under management through greenfield development, we continue to look for high-value acquisition opportunities. We are delighted to add the Rey projects to our growing portfolio.”
According to Mercom’s Annual and Q4 2023 Solar Funding and M&A report, 231 large-scale solar project acquisitions in 2023 compared to 268 acquisitions in 2022. In 2023, almost 45.4 GW of solar projects were acquired 2023, compared to 66 GW in 2022, a 31% decline YoY.
ONDE, a renewable energy contractor involved in the development of solar and wind projects, recently sold a 23.1 MW portfolio of three solar projects for PLN 19 million (~$4.8 million) to German municipal utility SachsenEnergie.
