Macquarie Group Ltd.'s Green Investment Group Ltd. and Univergy International SL launched a joint venture to develop small-to-utility-scale, early-stage solar projects.
The venture, called Nara Solar, will initially develop Univergy International's existing European portfolio of over 35 projects, totaling more than 700 MW, according to a March 11 news release. The new solar development platform will be based in Madrid and will focus on tripling the capacity of its current Spanish portfolio over the next year. Green Investment Group and Univergy International will each hold a 50% stake in Nara Solar.
"The European solar market is gearing up a period of significant growth, particularly in Spain where falling costs have stimulated a reawakening of the industry," Nara Solar CEO Yago Acon said.