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Developer raises €100M from stake sale, eyes 500-MW build-out in Spain

Madrid, Spain-based developer Soto Solar has raised over €100 million from selling a 50% interest in the company to a group of international private wealth investors.

The company plans to use proceeds for its first 500-MW tranche of solar photovoltaic projects in Spain, according to a Sept. 3 news release.

Dutch companies Stecc BV and Hartenlust Group initiated Soto Solar, which started operations in late 2018. The company aims to install 2 GW of solar capacity in the next five years.