VH Global to invest in 248.4-MW European solar, wind portfolio

Renewables investor VH Global Sustainable Energy Opportunities plc (LON:GSEO) on Thursday announced a deal to become the largest shareholder in a portfolio of solar and onshore wind assets across Spain, Portugal and Sweden with a combined capacity of 248.4 MW.

The transaction concerns seven solar and two wind assets, including operational, construction-ready and under construction, which will be acquired in partnership with an unnamed European strategic fund as an equity co-investor and Spanish Power SL, a developer and owner of renewable projects in Iberia and Sweden.

The investment will be carried out in two stages. Once all sites are operational, expected by the end of 2025, they will produce 489,900 MWh of clean electricity per year, an amount enough to power more than 100,000 homes annually.

The first stage covers the acquisition of a portfolio of five assets with a generation capacity of 59.8 MW and project rights of four ready-to-build solar assets in Spain with a generation capacity of 188.6 MW. GSEO’s investment in this stage of the transaction is estimated at EUR 53 million (USD 57.4m) for five assets.

The second phase will fund the construction of 188.6 MW of ready-to-build solar assets for a total amount of EUR 45 million in the fourth quarter of 2024. The funds needed for the construction will be provided by the equity co-investor and project finance debt.

Upon completion of the two phases, GSEO will be the largest shareholder of the portfolio with a stake of 43.5%. The remaining shareholding will be split between the equity co-investor and Spanish Power SL, each taking 36.5% and 20.0%, respectively.

(EUR 1 = USD 1.085)

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