Commerz Real expands Spanish renewables portfolio
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Commerz Real is further expanding the European portfolio of its impact fund Klimavest in Spain. The transaction includes an already operational solar power plant Cartuja with an output of 50 MWp and a wind power project under development with a planned output of 30 MW.
The two assets are to be hybridised, with the solar park feeding electricity through a common grid connection during the day and the wind turbines especially at night and in the less sunnier seasons of the year. The seller is a tandem of the Spanish Renewables fund manager Everwood Capital (90% stake) and the project developer Abei En-ergy (10% stake). The two assets are located in the southern Spanish municipality of Jerez de la Frontera in the Cadiz region on the Atlantic Ocean. PwC M&A acted as financial advisor to the Seller.
The Cadiz region is one of the best locations for renewable energy production in Europe due to the sun radiation and wind, and thus offers the best conditions for a hybrid project of this kind. Yves-Maurice Radwan, Head of Green Deal Infrastructure at Commerz Real.
The grid connection of the solar farm was already built in 2021, and the neighbouring onshore wind farm is scheduled to be connected to the grid in 2027. The combination of solar and wind power in a hybrid project allows the more efficient use of increasingly limited grid capacities and enables more stable power generation in the long term thanks to the complementary production profiles. Technically, the two parks will jointly meet the calculated electricity requirements of around 35 000 Spanish households in the future. The project developer Abei Energy continues to be responsible for the technical maintenance of the solar farm as well as the development of the wind project.
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Read the article online at: https://www.energyglobal.com/solar/04092023/commerz-real-expands-spanish-renewables-portfolio/
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