The Renewables Infrastructure Group (TRIG) has acquired a 49% stake in the Valdesolar solar photovoltaic project in Valdecaballeros (Badajoz). It thus becomes a partner of Repsol Renovables, which will retain the remaining 51%. The park has a generation capacity of 264 megawatts, enough to meet the demand of 140,000 households, thanks to the 648,000 solar modules installed over an area of more than six square kilometres.

The transaction is in line with the company's strategy to expand its presence in renewable energies in the Iberian Peninsula with InfraRed Capital Partners. This is its second purchase in Spain, following the addition of four solar projects in Cadiz in 2021. TRIG's stake in Valdesolar represents approximately 3% of its portfolio, while Spain as a whole accounts for 8%. By segment, photovoltaic energy now accounts for 15% of its portfolio.

Decarbonisation targets
The Valdesolar project was developed and built by Repsol, which retains a 51% stake to maintain operational control of the asset. The deal is part of the oil company's strategy to sell minority stakes in its renewable energy projects in order to accelerate its decarbonisation targets through reinvestment. It is in fact the second such transaction after selling 49% of its Delta wind project to Pontegadea for 245 million euros last November.

In the case of Valdesolar, which is not subject to subsidies, the buyer will participate in its management to control its exposure to commercial energy prices. As Richard Crawford, advisor to TRIG at InfraRed Capital Partners, pointed out, "Projects such as Valdesolar offer a route towards improving energy security and decarbonising the Spanish energy system".

Portfolio diversification
Referring to its portfolio in Spain, he added, "Together with last year's investment in the Cadiz solar projects, Valdesolar adds to the technological and geographic diversification of TRIG's portfolio and further reinforces InfraRed's strong track record of more than one gigawatt of renewables in the Iberian Peninsula, where we will continue to drive significant growth in the various areas of energy transition investment in the future.”

According to Repsol, the British group has paid 117 million euros for its stake in Valdesolar, which brings the price of the photovoltaic project to 239 million euros.

^Photo: TRIG