Alpiq and ABO Wind have signed an agreement for the acquisition of an 18 MW photovoltaic portfolio under development in Toledo, Central Spain, Alpiq's first renewable asset acquisition in the country. These projects are in line with the country's ambitious climate goals.
The agreement comprises the acquisition by Alpiq from ABO Wind of 100% of the project rights to develop two photovoltaic plants, which will share the grid interconnection infrastructure. Total combined installed capacity will be 18 MW and the projects are expected to be operational by mid-2022. Both projects are located in the municipality of Madridejos, Toledo, Castilla la Mancha, Spain.
Alpiq's experts in Spain negotiated and signed the agreement with ABO Wind, closing of the acquisition took place in May 2021. The parties have mutually agreed not to disclose the transaction price. The projects are currently in an advanced development status. The deal includes a development agreement under which ABO Wind will develop the projects to ready-to-build conditions.
First renewable asset acquisition in Spain
This acquisition is Alpiq's first renewable asset acquisition in Spain. Alpiq is building on its capabilities to develop and manage renewable assets, both on the operational and commercial side, in line with its purpose of contributing to a carbon-free power supply.
Alpiq plans to expand its renewable portfolio under management in Spain, either with self- or third party-owned assets, since there are clear synergies in operating jointly renewable and thermal assets as market advances. Alpiq currently manages a portfolio of 1.5 GW in the Spanish market, including its fully owned 400 MW flexible combined cycle power plant Plana del Vent in Tarragona, Northeast of Spain, approximately 100 km South of Barcelona.
In addition, Alpiq also supplies more than 4 TWh of gas and more than 1 TWh of power to industrial customers and intends to increase these volumes and strengthen its presence in the LNG market.
Contribution to climate protection
These photovoltaic projects are in line with the country's ambitious climate goals.
In May 2021, Spain passed a law in the fight against climate change with the intention to make the country climate neutral by 2050 at the latest. Among other things, the law stipulates that by 2030 CO2 emissions should be 23 per cent lower than in 1990 and that at least 42 per cent of final energy consumption should come from renewable sources. By 2050, all of the country's energy production is to come from renewable resources, and already in 2030 this share is to rise to 74 percent.
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