Matrix Renewables expands solar reach in Spain and Portugal

By Dominic Ellis
Matrix Renewables deal with Alten Renewable Energy includes developing 2GW of solar and storage projects in Spain and Portugal

Matrix Renewables has entered into an agreement with Alten Renewable Energy to acquire a 300MW solar portfolio across Spain and Portugal and develop 2GW of solar and storage projects in both countries. 

The portfolio includes 210MW in Spain and 90MW in Portugal and construction on the first phase is expected to begin in 2021. 

Iñigo Asensio, Head of M&A at Matrix Renewables, said: "These agreements will allow Matrix to become a relevant renewable energy platform in the Iberian Peninsula. We are confident that it will boost our presence in Spain and Portugal, and we will continue to further explore additional opportunities in Europe, Latin America and the US in our quest to expand, globally."

Carlos Castellanos, Alten co-founder, said the agreement allows it to contribute its experience in the Iberian Peninsula and other geographies with Matrix Renewables, one of the most important global renewable energy players.

The new deal will build on Matrix Renewables' existing portfolio in Spain. This consists of late-stage Solar PV projects of 125MW, which were acquired from Trina Solar in 2020 and 150MW acquired from Rolwind in 2021, the construction for which is expected to begin later this year. Another 1GW partnership with Rolwind Group has also been signed to develop several additional assets (click here to read all nine Spanish projects).

Matrix Renewables is a renewable energy platform created and backed by global alternative asset manager TPG and its $5 billion impact investing platform The Rise Fund. Its existing 1.5GW portfolio is focused on growth across Europe, the United States and Latin America.  

Solar competition is increasing with DVP Solar having 4.3GW of projects on its books and Madrid-based Univergy Solar 11GW in its pipeline. Sterling and Wilson Solar opened a new Seville office last November. 

Hexagon AB, which specialises in sensor, software and autonomous solutions, has announced the first of R-evolution's investments, which aim to reduce carbon emissions by ramping up renewable energy efficiencies and output. The acquisition of a 40-hectare site in Archidona marks R-evolution's initial plans to digitalise solar energy production. Located near Málaga airport, the acquisition includes a newly constructed 8.24MWp solar park, which uses PV cells to convert the sun's energy into electricity.

The cumulative installed solar PV capacity in Europe reached 151.7GW at the end of 2020, up 10% on 2019. Germany was the largest market, adding 4.8GW new capacity, followed by the Netherlands (2.8GW), Spain (2.6GW), Poland (2.2GW) and France (0.9GW), according to Renewable Market Watch.


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