Renewable energy expansion

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HgCapital’s Renewable Power Partners Fund has invested in three Spanish solar photovoltaic (PV) plants as part of plans to expand its European renewable energy portfolio.

’s Renewable Power Partners Fund has invested in three Spanish solar photovoltaic (PV) plant projects as part of plans to expand its European renewable energy portfolio.

The plants, located in the Spanish regions of Extremadura, Murcia and Castilla-La Mancha, have a total output of 35.4MW and will be the firm’s first solar investments, representing an enterprise value of €300m (£279m).

Jens Thomassen, associate director of the project, said: ‘We were attracted to Spain because of its large market for renewable energy measured by installed capacity. It is also the largest in Europe in terms of annual new installed capacity. Added to this is the benefit of strong government support for meeting its renewables targets.’

The investment means that HgCapital now has controlling interests in 35 European renewable energy projects. These include 300MW currently in operation or construction, with plans to increase capacity by a further 300MW.

Thomassen added: ‘We have a pipeline of projects that are being undertaken by a company called RidgeWind based in the UK. We are still active in the UK, and RidgeWind has been successful in its developments projects so far. Hopefully we’ll have something ready to get started there soon.’

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