June 1 (Renewables Now) - Oil and gas major Shell Plc (LON:SHEL) has purchased a portfolio of 12 solar projects in Spain with a combined capacity of 1.1 GW from local green investments-focused consulting firm Isemaren.
“Bringing these assets into our portfolio strengthens our presence in one of Europe’s largest solar power markets”, Thomas Brostrom, senior vice president for renewables at Shell, said in a LinkedIn post on Wednesday.
The acquired projects are spread across different regions of the country. Further details were not provided.
The transaction, whose terms were not disclosed, builds on a framework agreement signed between the companies in 2022.
The deal with Isemaren follows Shell’s purchase of a 2-GW portfolio of ten solar PV projects in Spain from Seville-based sustainable investor Green Tie Capital (GTC).