InfraRed Capital Partners and Progressum reach agreement regarding 1.5GW solar photovoltaic in Spain
InfraRed Capital Partners (“InfraRed”) has signed a sale and purchase agreement with Progressum Energy Developments (“Progressum”) to acquire a 1.5GW subsidy-free, solar photovoltaic portfolio in Spain, known as Giralda. The portfolio is being developed by Progressum, part of the Bester Group, and comprises a number of utility-scale plants located in the regions of Andalusia and Castile La Mancha in Southern Spain.
Progressum’s CEO, Marco Antonio Macías, has commented “InfraRed and Progressum are long term partners and have a track reccord of collaborating to successfully deliver solar parks in Mexico. We are excited about this agreement, as it will open up a new dimension to the development, construction, operation and maintenance activities of the Bester Group in Spain. We look forward to developing and building the Giralda portfolio which, once operational, will make an important contribution to the provision of clean and affordable energy in Spain.”
Dulce Mendonça, Investment Director and transaction lead for InfraRed, said: “We are delighted to be partnering with Progressum on the Giralda portfolio. Spain benefits from excellent natural conditions for solar deployment in a non-subsidised environment, and with this acquisition we aim to combine a large-scale investment opportunity with our financing and PPA structuring expertise in sustainable energy.”
This is the seventh investment of InfraRed Infrastructure Fund V – a 12-year term OECD focused development infrastructure fund with US$1.2bn of committed capital and a mandate to invest in three main areas: (i) transportation, economic and social infrastructure, (ii) renewable and sustainable energy generation and (iii) energy supporting infrastructure.
InfraRed Capital Partners Limited (InfraRed)
InfraRed Capital Partners is a leading global investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, Hong Kong, New York, Seoul and Sydney. With around 130 professionals it manages in excess of US$10bn of equity capital in multiple private and listed funds, primarily for institutional investors across the globe.
Since its inception, InfraRed has launched 17 funds, including two companies listed on the London Stock Exchange: HICL Infrastructure Company Limited and The Renewables Infrastructure Group (TRIG), both of which are members of the FTSE 250. To date, InfraRed has realised six funds, demonstrating its ability to create real value for its stakeholders.
InfraRed has been investing in the Infrastructure market for over 20 years and is one of world's largest managers of social and transportation infrastructure projects. InfraRed has evolved its business from principally managing PPP projects at its inception to a diversified and international investment business, with around 80 infrastructure investment professionals, managing over 200 investments in PPP projects, renewable energy, regulated and economic infrastructure businesses.
InfraRed implements best-in-class practices to underpin asset management and investment decisions, promotes ethical behaviour and has established community engagement initiatives to support good causes in the wider community. InfraRed is a signatory of the Principles of Responsible Investment and its infrastructure business has been awarded the highest rating.
Further details can be found on InfraRed’s website, www.ircp.com.
Progressum is an international company dedicated to the development of renewable energy projects, part of the Bester Group. The company was set up in 2012 to promote sustainable development and better lives for current and future generations.
Progressum is present various markets including Mexico, Spain and UK, among other.
The company has more than 3000 MW ready-to-build: PV projects in Mexico and Spain. And it is developing a solar photovoltaic portfolio in other continents, with the intention of generating clean energy worldwide.
Further details can be in https://bester.energy/en/