Q CELLS, a total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail, has secured the project development rights for a 429 MWp solar portfolio in Spain from RIC Energy.
Q CELLS’s downstream business unit signed the agreement to purchase 429 MWp of new solar capacity in Spain, which is projected to achieve ready to build status by the fourth quarter of 2021. RIC Energy, the renewable energy developer from which the portfolio was acquired, has agreed as part of the sale to oversee the development of the 10 sites to bring them to ready to build status over the next year.
All 10 of the project sites are located in Spain’s autonomous communities of Aragon and Castilla y León in Spain’s inner northwest region.
“Q CELLS is delighted to have added a further 429 MW of solar project rights to our growing pipeline in Spain,” says Sang Chull Chung, head of the downstream business unit at Q CELLS. “As a global total energy solutions provider, we are committed to supporting the ongoing energy transition of Spain towards a cleaner, greener future – and are pleased to continue strengthening our relationship with RIC Energy in order to do so.”
The completion of this latest acquisition from RIC Energy follows an earlier deal completed at the end of 2019 which saw Q CELLS purchase the rights to develop 940 MWp of solar project capacity from RIC Energy in what – at the time – was one of the largest renewable energy deals in Iberia. These projects are expected to reach ready to build status at the beginning of 2022.
This deal further underlines Q CELLS’ commitment to developing renewable energy in Iberia. Across Spain and Portugal combined, Q CELLS will deliver more than 3.5 GW of clean solar energy to the nations’ grids over the next few years.