Innovo Renewables acquires 305MW photovoltaic portfolio under development in Spain
The operation is the first step on the path of development in the country.
Innovo Renewables SpA, an Italian company active in the development of projects for the generation of electricity from renewable sources in Italy, the United Kingdom and Spain, has acquired from Shon Energy a 305MW portfolio of projects under development for the construction of four photovoltaic plants in Spain.
The deal is, in fact, the first stone in Innovo Renewables’ growth path in the country, following its entry into the market last July with the startup of a team led by Alejandro Flores, a manager with more than a decade of experience in the renewable energy sector.
Spain is the third market where the Group led by Rodolfo Bigolin is present, after Italy and the United Kingdom.
In detail, the projects involve the construction of 4 photovoltaic plants located north of Seville, Andalusia (2), and in the province of Murcia (2), areas characterized by high solar irradiance, and also present development potential for the implementation of energy storage systems (BESS).
The Spanish market, characterized by high potential due in part to its geographic location, is experiencing a moment of transition as it awaits the Implementing Decree related to the new guidelines and criteria for Capacity Tenders. In this scenario, the projects acquired by Innovo Renewables stand out for their large lots, for being close to substations, in areas that are not environmentally or culturally constrained, and for their design capacity to involve local communities.
Rodolfo Bigolin, CEO of Innovo Renewables, commented”, The acquisition of the photovoltaic portfolio concretizes Innovo Renewables’ entry into Spain, which is the third largest market after the UK and Italy, and strengthens our internationalization path in a particularly important year that saw the entry of a leading investor such as AVIVA into the capital. For a long-term player like Innovo Renewables, it is particularly important to take a position at a time of transition in a market with high growth potential.”
Marco Tabasso, Chief Commercial Officer, added, “The transaction announced today is the first step in the Group’s expansion path in Spain, where we are also looking with great interest at the Battery Storage and wind power sectors. In terms of characteristics and types, the quality of the projects acquired ensures us an important competitive advantage in view of the upcoming Capacity Tender auctions.”
Legal advisor for the transaction is Watson Farley & Williams, while Solida is technical advisor.