TRIG Completes Buyout Of StatKraft Solar Projects in Spain

Norwegian state-owned firm Statkraft has confirmed the sale of a portfolio of solar projects in southern Spain for an undisclosed sum to The Renewable Infrastructure Group, (TRIG), managed by InfraRed Capital Partners and RES.

Statkraft will maintain responsibility for the construction of the four solar parks, which will be co-located in Cadiz and have a total capacity of 234 MWp. Construction, which will begin in September targets completion of all the solar parks by the fourth quarter of 2022.

When combined, they are expected to represent almost 6% of TRIG’s entire portfolio value.

TRIG will fund the projects using its revolving credit facility, retained earnings or capital raised from equity issuance.

Statkraft aims to develop 2.5GW to 3GW of wind and solar a year worldwide by 2025.

Birgitte Ringstad Vartdal, European Executive Vice President of Wind and Solar At Statkraft, says the partnership with TRIG on these four Cadiz solar parks is a step forward for Statkraft to achieve its wind and solar development goals.

“Statkraft is delighted to partner with TRIG, which aims to invest in renewable energy infrastructure. The Cadiz plants have been developed with the community and the environment at the forefront of our approach, and we are pleased that their managers, InfraRed and RES, are now continuing to manage these assets. We will work closely together throughout the construction and during the delivery of the operational plants,” she said.

“The acquisition of Solarcentury has helped Statkraft become a leading solar developer and strengthened our project portfolio. Cadiz’s solar parks exemplify the quality of the project portfolio acquired through our transaction with Solarcentury. Statkraft’s global ambition is to develop 2.5 to 3 gigawatts of wind and solar energy annually by 2025. We are on track to reach our goal of developing eight gigawatts of wind and solar power by 2025,” added Ringstad Vartdal.