London, U.K. (March 29, 2021) – Renewable Power Capital (“RPC”), the renewable energy investment platform backed by the Canada Pension Plan Investment Board (“CPP Investments”), today announces it has entered into a 50:50 joint venture (“JV”) with Benbros Solar S.L. (“Benbros”), an experienced Spanish photovoltaic developer, to develop 14 solar energy projects across Spain. Through the partnership, RPC and Benbros will work together on a portfolio of 3.4GW across the projects located within the regions of Andalucía, Extremadura, Castilla la Mancha, Aragon and Murcia.
This JV marks RPC’s first entry into Spanish renewable energy market, a key target for investment alongside the Nordics – where RPC acquired a portfolio of onshore wind projects earlier this year – due to the attractiveness of its renewable energy market in general and solar PV in particular. Spain is a European leader in the renewable energy transition and is expected to achieve a renewable energy capacity of 50GW by 2025. Due to the country’s strong solar resource, it boasts the lowest solar levelized cost of energy (“LCOE”) in Europe.