Emeren Group, a global leader in solar project development, recently sealed a significant deal, marking their foray into Spain’s renewable energy landscape. The company has officially inked a Sales and Purchase Agreement (SPA) with Rubis Photosol, a prominent photovoltaic electricity producer based in France, for a substantial 29 MWp solar PV portfolio.
This milestone transaction, brokered through the collaborative efforts of the European Solar Energy Development JV, represents a partnership between Emeren Group, Eiffel Investment Group—a renowned French asset manager—and Finergreen, Emeren’s esteemed consultant partner crucial to facilitating the deal.
The 29 MWp portfolio comprises three advanced-stage projects situated in the Municipality of Algorfa, Alicante, Spain, primed to receive Administrative Authorization for Construction (AAC). Anticipated to commence operations in the latter half of 2025, these projects are slated to be equipped with cutting-edge PV solar trackers, estimated to produce approximately 57,000 MWh of clean energy. This output will be capable of powering an estimated 20,000 households, a substantial contribution to Spain’s renewable energy grid.
The joint venture, established in early 2021, capitalizes on Emeren Group’s extensive expertise in solar PV development in Europe and harnesses the financial resources of Eiffel Investment Group, pivotal in shepherding the projects through their lifecycle.
Yumin Liu, CEO of Emeren Group, expressed enthusiasm about this collaboration, stating, “Our partnership with Eiffel Investment Group not only fortifies our foothold in Spain but also seamlessly aligns with our strategic expansion across Europe.”
This multifaceted agreement involved the expertise of various advisors. Finergreen provided financial advisory, legal counsel was extended by Squire Patton Boggs and Watson Farley Williams for Emeren Group and Photosol Group respectively, while technical support was rendered by Everoze for Emeren Group and Eiffel Investment Group.
The Emeren-Rubis Photosol partnership signifies a progressive stride toward sustainable energy solutions and solidifies Emeren Group’s commitment to pioneering clean energy initiatives across Europe.