May 11 (Renewables Now) - Portuguese renewables company Greenvolt - Energias Renovaveis SA (ELI:GVOLT) and its Madrid-based peer Green Mind Ventures (GMV) are planning to invest EUR 170 million (USD 179.4m) in the Spanish solar market over the next five years.
The proposed investment will be made through their newly established joint venture named Sustainable Energy One (SEO), Greenvolt announced today.
SEO will focus on small and medium-sized solar photovoltaic (PV) projects, with capacities of up to 10 MW, with a goal to develop and later sell 250 MW by 2028.
The JV will be spearheaded by Ignacio Madrid, former CEO of Galp Solar and current managing partner of GMV.
According to Greenvolt, small scale plants, similar to distributed generation (DG), can offer several advantages over large size assets, such as greater grid connection flexibility, lower environmental impact and a quicker route to market for renewables.
(EUR 1.0 = USD 1.055)