Single-axis solar tracker firm Soltec sold a 100% stake in its 850 MW portfolio of solar projects in Denmark to the Danish investment firm CIP fund – Energy Transition Fund I (CI ETF I). All the sold solar projects are currently at an early stage of development. The projects are located across Denmark, with the vast majority of the projects situated in Jutland.
CIP will develop, build, and operate these assets to provide renewable electricity for ETF I’s Danish Power-to-X projects (e.g., Fjord eSAF, Høst green ammonia/hydrogen).
Raúl Morales, the CEO of Soltec commented. “We are very satisfied with this first agreement reached with CIP, a company with a great recognition and experience worldwide, to which we have been able to provide with high-quality projects under development in Denmark, to contribute to its growth. Without any doubt, this is a great sign of trust in Soltec, and they will have our support at an industrial level during the development of the projects.”
Felix Pahl, Partner in CIP, commented: “We are proud to have made CIP’s first acquisition of Danish solar PV energy. The Soltec portfolio represents an attractive opportunity for CI ETF I to acquire power generation assets under development thereby enabling our Power-to-X projects under development in Denmark. We are certain that CIP can accelerate the development of the portfolio by committing to work closely with local stakeholders to deploy renewable energy projects in Denmark. CI ETF I aims to make a positive contribution to the green transition and Power-to-X industry by developing world-leading capabilities in Denmark. The Soltec portfolio can become one of CI ETF I’s steps towards driving local growth and value to the CI ETF I investors.”
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.
Dominion, an electric utility company, recently 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.