Renewable energy investor Sunco Capital has commenced the construction of two Spanish photovoltaic (PV) parks with a combined capacity of 83 MWp.
The energy produced by the solar facilities will be sold to Shell Energy Europe Ltd, a subsidiary of Royal Dutch Shell Plc (AMS:RDSA), through a long-term power purchase agreement (PPA).
Scheduled for completion in 2021, these assets will be Sunco's first owned plants upon completion. They will occupy approximately 191 hectares (472 acres) in the municipality of Manzanares, Ciudad Real province, and will be able to generate enough electricity to meet the annual demand of more than 50,000 homes.
Spain’s Banco Santander SA (BME:SAN) is the financier of the projects. The undisclosed amount covers the design, construction, commissioning and operation of the plants.
Sunco Capital has over 2 GW of solar projects in its portfolio in Europe and Latin America. The company estimates it will invest a total of EUR 450 million (USD 486m) over the next two years to executed these projects.
