Infrared Capital Partners Ltd. agreed to acquire a 1.5-GW solar photovoltaic portfolio in southern Spain from Progressum Energy Developments.
The portfolio, known as Giralda, is being developed by Progressum and is made up of a number of utility-scale power plants in the regions of Andalusia and Castile La Mancha.
"We are delighted to be partnering with Progressum on the Giralda portfolio. Spain benefits from excellent natural conditions for solar deployment in a non-subsidized environment, and with this acquisition we aim to combine a large-scale investment opportunity with our financing and PPA structuring expertise in sustainable energy," Dulce Mendonça, investment director and transaction lead for InfraRed, said in a Jan. 8 news release.
The deal is the seventh investment of InfraRed Infrastructure Fund V, a 12-year term infrastructure fund with $1.2 billion of committed capital.