Tion Renewables Group has signed a sale and purchase agreement with a subsidiary of EDP Renovables to acquire a solar PV portfolio in Spain, consisting of four solar PV parks, all of them operational and with a total capacity of 104MWp. The transaction is subject to regulatory and other customary conditions.

One of the parks, located in Aragon, has been in operation for around a year and a half. The other three, located in Andalusia, started operating last November. All of them have signed 15-year power purchase agreements.

High quality assets
Tion Co-founder and CIO Christoph Strasser says this transaction “is a milestone for Tion, demonstrating our ability to execute large-scale deals while securing a portfolio of high-quality assets from a top-tier developer”.

On another note, Strasser explained the reasoning for acquiring the four parks, “A key feature of this portfolio is the 15-year PPAs. Long-term PPAs like these are rare to find in the Spanish market and fit perfectly with our strategy to grow and diversify our contracted revenue base.”

Construction, operation and procurement
Headquartered in Munich, Germany, renewable energy producer Tion Renewables specialises in constructing and operating onshore wind and solar energy farms across Europe, as well as battery energy storage systems. Following its IPO in November 2019, it has raised capital to expand its portfolio through acquisitions such as the one being announced now.

^{Photo: Tion Renewables}