InfraRed Capital Partners further grows its presence in Spanish photovoltaic market through TRIG acquisition and first solar project sale

18 October 2021 Investments
InfraRed Capital Partners (“InfraRed”) continues to build its track record and presence in the Spanish photovoltaic market. Over the course of September 2021, it completed the sale of InfraRed Infrastructure Fund V’s first solar asset in Iberia to Ferrovial, and as Investment Manager to The Renewables Infrastructure Group (“TRIG”) marked the fund’s entry into the region with the acquisition of four solar facilities in Southern Spain.

InfraRed first entered the photovoltaic market in Spain in 2011, with the acquisition of two concentrated solar projects in Andalucia and Extremadura. Since 2018, as part of its commitment to investing in sustainable energy-transition assets, it has expanded its footprint in Spanish solar projects to around 600 MWp with investments made by InfraRed Infrastructure Fund V.

As part of this strategy, InfraRed acquired a 50 MWp development project in Andalucia in 2018. Over the past three years, the project has been transformed from an early development concept into a construction-ready asset. Throughout the process, InfraRed worked closely with the portfolio company management team to create value, including securing the grid connection, obtaining all key permits, delivering the construction-ready asset and optimizing the production through optimal design and the use of the latest bifacial technology. After the successful completion of development work, in September 2021 InfraRed agreed to sell its 100% stake in the asset to a major Spanish multinational company.

In addition, InfraRed continues to develop its footprint in the Spanish solar market in its role as Investment Manager to TRIG. Also in September 2021, TRIG announced the acquisition of a 100% interest in four solar sites near Cádiz, Andalucia, with a total capacity of 234 MWp. These sites will be operational by the end of 2022 and will act as a reliable source of renewable energy for the region, addressing predictable electricity demand and offsetting approximately 160,000 tonnes of carbon per year..

TRIG has previously made investments in solar generation in the UK and France and will be able to draw on InfraRed’s experience in the development of its 600 MWp Spanish portfolio – both in terms of making these sites construction-ready and ensuring best practice sustainability is factored into the project. This will support TRIG’s efforts to add to its technological and geographical diversification, including diversification of power markets and weather systems.

Harry Seekings, Head of Infrastructure at InfraRed Capital Partners, said:

“Over recent years, InfraRed has worked proactively to create high-quality renewable assets in Iberia. Southern Spain benefits from excellent natural conditions, which means that photovoltaic facilities can be built on an unsubsidised basis. InfraRed has successfully taken projects through the critical value creation phase, from an early-stage development to construction-ready. We are engaged in further development work and taking assets through construction in the Iberian peninsula, pursuing our investment strategies around the energy transition and connecting communities, rooted in sustainable thinking.”.

About InfraRed Capital Partners:

InfraRed Capital Partners is an international investment manager focused on infrastructure and real estate. It operates worldwide from offices in London, New York, Sydney, Seoul and Mexico City. With around 200 professionals, it manages US$12 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed Capital Partners is authorised and regulated in the UK by the Financial Conduct Authority.

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 has been a signatory of the Principles of Responsible Investment since 2011 and has been awarded triple A+ score in 2019 PRI assessment.

InfraRed is a part of SLC Management which is the alternatives asset management business of Sun Life. Over the past 30 years InfraRed has established itself as a highly successful developer and custodian of core infrastructure, renewable energy and real-estate assets that play a vital role in supporting sustainable communities.

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