US-based solar developer-operator Emeren Group has acquired an 86-MWp portfolio of utility-scale solar projects in Spain from local industrial and service group Negratin Global Services, an industrial and service group that operates in the renewable energy space, industry and installations within the energy space.
The deal comprises thirteen ready-to-build projects ranging from 6 MW DC to 14 MW DC. Once operational, they are expected to generate nearly 166.5 GWh of clean electricity annually, which is projected to be enough to power 51,380 households in the local region, along with saving 19,544 vehicle emissions each year.
Construction of all thirteen projects is set to commence at the site located in central Spain in late 2024, with the final project being brought online by early 2025. Emeren plans to add battery energy storage systems (BESS) to the permitted site location for the power generation projects. This will act as part of the transition to a low-carbon future, resulting in the saving of 35,903.9 tons of CO2 per year.
Emeren’s 2024–2025 pipeline tops 4 GWs with an advanced-stage portfolio of over 300 MW of solar and 100 MWh of storage in place.
The CEO of Emeren Group, Yumin Liu highlighted that the company was pleased to acquire the portfolio of projects from Negratin Global Services as they fit well within it’s strategic vision for advancing renewable energy in Spain and globally. This collaboration with Negratin strengthens Emeren’s dedication to expanding their renewable energy portfolio and showcasing their successful track record in acquiring and selling utility-scale projects.
Negratin Global Services CEO Enrique Diaz Hinojosa echoed the fact that this partnership is in line with Negratin’s commitment to fostering renewable energy and contributing to sustainable practices. He added that Negratin trusts Emeren’s expertise to successfully develop the project and supports a shared vision for a greener future.
Negratin Global Services selected ATZ Investments, a renewable and infrastructure financial advisory boutique specializing in mergers and acquisitions, to support on the project transaction.