Renewable energy investor Greencoat Renewables has agreed a deal for another wind farm in Spain - its third in the Spanish market.
Greencoat is to buy the Andella wind farm in Valladolid as it continues its European expansion strategy.
The 50MW wind farm is currently under construction with the starting of commercial operations expected in the second quarter of next year.
The new Spanish project consists of 10 Siemens Gamesa 5MW turbines and Siemens Gamesa will provide long-term O&M services.
Greencoat said the Spanish renewables market presents an excellent opportunity for the company. Spain has one of the strongest wind resources in Europe and a correspondingly low cost of electricity generation.
The company also said today it has completed the acquisition of the 50MW Torrubia solar park in Zaragoza in Spain.
Torrubia was signed in December 2020 under a forward sale commitment from Lightsource BP, who managed the construction of the solar park.
Greencoat Renewables has also entered energy markets in Germany, France, Finland and Sweden.
Paul O'Donnell, Partner at Schroders Greencoat, the Investment Manager, said the combination of low-cost renewable energy and a well-developed Corporate PPA market makes Spain a very attractive target for renewable energy investment.
"As the renewable generation market continues to develop, we expect to see greater opportunity for unsubsidised renewables and believe Greencoat Renewables is well positioned to benefit from this growing opportunity," he added.
