Amarenco enters Spain with the purchase of its first solar plant from Hanwha

Amarenco Group has signed the acquisition of a 49.94 MWp photovoltaic plant from Hanwha Energy. This is the first operation of the French-Irish company in the Spanish market, but the company has an ambitious growth plan in photovoltaic energy for Portugal and Spain, which has been reinforced by the entry of 300 million euros provided by the Arjun Infrastructure Partners fund and which opens the door to more operations with the South Korean group Hanwha.

The "Las Naranjillas" project is located in Carmona, Seville, with a surface area of 137 hectares covered by a total of 121,800 photovoltaic modules.

The plant will produce enough energy to meet the electricity demand of 13,997 households. In addition, 51,977 tons of CO2 will be eliminated from the atmosphere, equivalent to the consumption of 10,192 vehicles.

First milestone

Alain Desvigne of the Amarenco Group said: "Las Naranjillas marks the first milestone in our relationship with Hanwha Energy and we look forward to repeating agreements like this one with Hanwha Energy in the future. Iberia is now a key market for Amarenco and we expect this market to be a significant part of the balance sheet going forward."

Ik Pyo Kim of Hanwha Energy stated, "It is remarkable that we have secured business capability and financial stability through successful development and sale in an uncertain business environment due to the COVID 19 pandemic. Starting with the current project portfolio of more than 1 GW in Spain, we will actively move forward with more than 6 GW of solar projects in total in the European market, including Spain, to make further significant achievements in the area of solar PV and also in various areas of renewable energies as part of the 10-year strategic plan" .

As elEconomista.es reported, Hanwha has put up for sale a substantial part of its renewable energy development projects in Spain. Its specialized subsidiary QEnergy Solutions has put around 1.1 gigawatt peak (GWp) of power on the market through two processes. The company, based in Berlin (Germany), has hired KPMG as financial advisor and the law firm Uría Menéndez as legal advisor.