New Joint Venture Announced For 3.4 GW Solar In Spain

• CPP Investments backed RPC has joined hands with Benbros Solar to build 3.4 GW solar PV capacity in Spain
• It will be developed as 14 projects across Andalucia, Extremadura, Castilla la Mancha, Aragon and Murcia regions
• RPC sees potential in Spain's renewable energy market, especially solar PV to make its maiden investment in the country's clean energy space

One of the star solar markets of Europe, Spain has 2 more companies interested. UK based Renewable Power Capital Limited (RPC) and Spanish solar PV project developer Benbros Solar S.L. have announced a 50:50 joint venture (JV) to develop a 3.4 GW of solar portfolio in the country.

This association marks the entry of RPC, the renewable energy investment platform of Canada Pension Plan Investment Board (CPP Investments), in the Spanish renewable energy market that counts 'attractiveness of its renewable energy market in general and solar PV in particular' for its interest.

Benbros CEO Rafael Benjumea is credited with having founded Fotowatio Renewable Ventures (FRV) and is the current president of the Spanish Solar PV Association (UNEF), along with being one of the co-founders of residential solar company Powen that operates in Spain and Mexico.

The JV will develop 3.4 GW capacity through 14 projects as part of the partnership that will be located in the regions of Andalucia, Extremadura, Castilla la Mancha, Aragon and Murcia under a 'compelling co-development strategy'.

"Spain has strong solar resources and with this development portfolio, which is of significant size, we are confident that we will deliver the scale and diversity we seek for our platform," said RPC Chairman, Shaun Kingsbury CBE.

CPP Investments launched RPC in December 2020 under its 'multi-billion' Power & Renewables Investment Strategy to invest in Solar, onshore wind and battery storage, among other technologies across Europe. Through RPC, CPP Investments aims to build a scalable and diversified pan-European platform, initially targeting development, ready-to-build and operating assets.

However, it is not new to the renewable energy space as in November 2019 it acquired Pattern Energy of North America for $6.1 billion all cash deal (see Canada Pension Fund Buys North American RE Company).