Amarenco Acquires 204 MW Spanish Solar Project from Hanwha Energy

South Korean energy giant Hanwha Energy has announced that it has sold a 204 MW solar power project that was being developed in Spain to Amarenco. Hanwha has not disclosed the financial details of the deal. Amarenco is an Ireland-based independent power producer (PPA).

The solar energy project that is sold by Hanwha Energy was to be located in the region of Castile and Leon in Spain. This was bought by the firm in 2019. As per company statement, Hanwha had planned to start its construction in September 2023. Its commercial operation was scheduled by it in August 2024.

This sale is the second transaction that has taken place between Hanwha Energy and Amarenco. The first sale happened between the two in December 2020 when Hanwha sold a 49.94 MWp solar PV plant the first expansion by the Ireland based Solar IPP into the Spanish market. Amarenco announced an ambitious solar PV plan for both Portugal and Spain.

The Las Naranjillas solar power project is located in Carmona, Seville with an area of 137 hectares covered by 121,800 photovoltaic modules. The solar project is also capable of removing 51, 977 tonnes of carbon from atmosphere.

Mega Sale in Offing

According to reports, Hanwha Energy may also sell its solar energy assets of capacity of over 1.1 GW through QEnergy Solutions. These solar assets also lie in Spain.

The Koreean energy giant, say reports, will have the services of KPMG for financial advices and Uria Menendez as legal advisors for the mega solar projects sale. It is said to be looking at twin transactions: In one transaction, it will be parting off 14 solar energy farms that have combined capacity of 740 MWp and in other, it will sell 50 per cent stake in an entity that has 330 – 400 MWp capacity in of solar assets.

Hanwha was also mulling over a third sale transaction that was concerned with renewable energy of 489 MWp in Portugal. This has been put to rest for now.