1 MARCH 2023 – LONDON
Renewable Power Capital (RPC) has signed an agreement with developer Euder Energy S.L. to jointly develop 1GW of solar PV projects in Spain, subject to the relevant regulatory communications.
This agreement will see RPC and Euder develop early-stage projects, forging a long-term relationship which draws on both teams’ strong capabilities and experience.
The deal reiterates RPC’s commitment to being a partner of choice for developers across Iberia and reflects its broad investment horizon, spanning the entire asset lifecycle from early-stage development to commercial operations and long-term ownership. RPC already has an established presence in the Spanish solar sector, having agreed in 2021, shortly after its formation, to co-develop 3.4GW of projects.
Euder has deep domain expertise and a track record of developing 3.3GW of energy projects in Spain and more than 1.2GW in LatAm.
Spain is a leader in unsubsidised solar energy with the largest project pipeline in Europe and a highly developed PPA market. It has set itself an ambitious target of a 31 percent decline in national emissions between 2019 and 2030, and plans to add 100GW of renewable capacity to its energy mix by 2030.
This agreement is subject to the relevant regulatory communications.
Mariano Berges, Chief Commercial and Technical Officer at RPC, commented: “We are bringing our flexible, long-term approach to capitalise on the continued growth the Spanish solar market is seeing. This second venture in Spain will continue to grow our industrial capabilities as a company and our local expertise. We are pleased to be working with the very experienced team at Euder to achieve this.”
Francisco Cornet, Founding Partner at Euder, said: “We are grateful for the opportunity to work with RPC, as well as the trust shown by their team throughout the negotiation process. We will continue to expand our presence in the Spanish market by executing a pipeline of 1GW projects jointly with RPC and creating more investment opportunities.
Notes to Editors
Press office contact: Lizzy Roberts: email@example.com
Renewable Power Capital
Renewable Power Capital was established in 2020 and is backed by CPP Investments. RPC is registered in the United Kingdom, with headquarters in London. We invest in the development, construction, and long-term ownership of solar, onshore wind and battery storage projects, enabling the energy transition and driving stable long-term, risk-adjusted returns. Our flexible mandate allows us to structure investments that recognize the changing market dynamics in Europe and to develop innovate solutions for managing development, construction, and merchant investments. RPC has committed nearly €1.5bn in acquisitions including wind and solar PV in Spain and the Nordics.
This new investment follows RPC’s entry into the UK storage market in November, through a 1GW joint venture with Eelpower. Early last year, RPC also acquired a 528MW ready-to-build onshore wind portfolio in Sweden – a deal which more than doubled RPC’s onshore wind capacity and was completed on an unlevered and unhedged basis.
For more information, please visit www.renewablepowercapital.com
Euder Energy S.L.
Euder Energy was stablished at beginning of 2017, with headquarters in Madrid (Spain). Euder core business is to develop renewable energy projetcs in Europe and LatAm to enable a sustainable transition to a carbon-free energy matrix. To date, the company has more than 4.5GW in development, both in Spain and LatAm which are in different stages of development.
Created from the association of two professionals´ partnership with more than 30 years of national and international experience in development, structuring, financing and management of renewable and conventional energy projects. Its alliance with strategic partners favours and enhances its expansion, providing it with relevant financial strength.