InfraRed Capital Partners has signed a sale and purchase agreement with Progressum Energy Developments o acquire a 1.5GW subsidy-free, solar photovoltaic portfolio in Spain, known as Giralda.
The portfolio is being developed by Progressum, part of the Bester Group, and comprises a number of utility-scale plants located in the regions of Andalusia and Castile La Mancha in Southern Spain.
The deal is the seventh investment of InfraRed Infrastructure Fund V – a 12-year term OECD focused development infrastructure fund with US$1.2bn of committed capital and a mandate to invest in three main areas: (i) transportation, economic and social infrastructure, (ii) renewable and sustainable energy generation and (iii) energy supporting infrastructure.
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