Recurrent Energy Secures Financing for 152 MW Solar Project in Brazil

Rubis Photosol, an independent French energy operator, acquired a 29 MW solar portfolio in Spain from the European Solar Energy Development JV, a collaborative venture established between Emeren and Eiffel Investment Group, a French asset manager.

The 29 MW portfolio comprises three late-stage projects located in the Municipality of Algorfa, Alicante, Spain, in an advanced phase of obtaining the Administrative Authorisation for Construction. These projects are expected to be operational during the second half of 2025 and equipped with PV solar trackers, projected to generate approximately 57,000 MWh of clean energy, capable of powering around 20,000 households.

Advisors involved in this transaction include financial advisory from Finergreen, legal counsel provided by Squire Patton Boggs, and technical support from Everoze for Emeren Group and Eiffel Investment Group. Additionally, Photosol Group received legal counsel from Watson Farley Williams.

Yumin Liu, CEO of Emeren Group, said, “We’re delighted to announce the signing of these three utility-scale projects in Spain. Our partnership with Eiffel Investment Group not only strengthens our presence in Spain but also aligns seamlessly with our strategic expansion across Europe. These projects exemplify our commitment to delivering reliable and sustainable energy solutions, meeting the growing global demand for clean energy. This achievement underscores our role in the transition to greener, more environmentally responsible energy sources, benefiting both our communities and the planet as a whole.”

Pierre-Antoine Machelon, Chief Investment Officer at Eiffel Investment Group, commented, “We are delighted to be part of this successful collaboration with Emeren Group, which underscores our commitment to advancing sustainable energy solutions. We are proud to contribute to the development of renewable energy projects that will benefit both the environment and local communities. This partnership showcases our dedication to green initiatives and our optimism for what lies ahead in our ongoing collaboration.”

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were a total of 166 project acquisitions for 31.6 GW compared to 207 projects acquired for 52.1 GW in 9M 2022.