Independent asset management firm Capital Dynamics has completed the acquisition of the 133MW Puerto Real 1 project in Iberia, Spain.
The solar project forms part of the firm’s Clean Energy Initiative and is estimated to reduce greenhouse emission by more than 175 tonnes a year once operational.
In addition, the project is expected to employ more than 300 workers in the course of its lifetime.
Simon Eaves, Managing Director & Head of European Clean Energy Infrastructure team, said: “Spain remains an attractive market for new renewable power generation as the country has one of the highest solar resources in Europe and a favourable operating environment with low development costs.
“The acquisition of the Puerto Real 1 project accelerates our investing momentum in Southern Europe and reinforces the scale of our European Clean Energy Infrastructure business.”
The subsidy-free project is projected to become commercially operational by the first quarter of 2021.