- Macquarie Capital’s Green Investment Group has launched a 50:50 joint venture with Univergy International to focus on solar PV power projects in Europe
- Called Nara Solar, the new entity will develop small to utility scale early-stage solar PV projects
- Madrid headquartered Nara Solar will focus on Spain, but will operate across Europe, and will start with 700 MW pipeline of Univergy International in Spain, France and the Netherlands
Global investment firm Macquarie Capital’s Green Investment Group (GIG) along with Japanese-Spanish renewable energy developer Univergy International have launched a new company to develop small to utility scale early-stage PV power projects in Europe. The 50:50 joint venture is called Nara Solar.
The new entity will be headquartered in Madrid, and will develop an initial pipeline of more than 700 MW across Spain, France and the Netherlands which is Univergy’s existing European portfolio of more than 35 projects. In January 2019, Univergy International revealed its plans to build 400 MW solar power capacity in Spain (see Univergy To Develop 400 MW Solar In Spain).
For Nara Solar, the Spanish market will be its central focus where it will look to triple its current Spanish portfolio over the next year. Around 4 GW solar PV capacity awarded in renewable energy auctions in the country are expected to come online in 2019 in Spain, after 2018 PV additions were only a total of 261.7 MW (see Spain Installed 261.7 MW Solar In 2018).
“The European solar market is gearing up a period of significant growth, particularly in Spain where falling costs have stimulated a reawakening of the industry. It’s an exciting time to be creating a new solar development platform that will generate new investment opportunities and help stimulate the growth of solar energy across Europe,” said Nara Solar CEO, Yago Acon.