Credit Suisse Energy Infrastructure Partners has completed the purchase of a 49% stake in 250 MW of Spanish Concentrated Solar Power capacity from ContourGlobal, Credit Suisse announced May 22.
ContourGlobal, a UK-based power plant investment group, purchased the five 50 MW assets from Spain’s Acciona last year. The plants are situated in south-west Spain and came online between 2009 and 2012.
Credit Suisse paid 134 million euros ($149.7 million) for the 49% stake, almost double the net investment made by ContourGlobal.
ContourGlobal will continue to manage, operate and maintain the assets.
The deal is the latest in a line of recent renewables acquisitions by Credit Suisse.
In October 2018, Credit Suisse acquired a 49% stake in ContourGlobal’s 65 MW Italian PV portfolio and its 35 MW PV fleet in Slovakia. Credit Suisse will also hold an 80% stake in a new 470 MW wind farm planned in Sweden. Germany’s E.ON will hold the remaining 20% equity.
Spain’s minority Socialist government aims to double CSP capacity to 4.8 GW by 2025 and reach an installed capacity of 7.3 GW by 2030, according to a new 10-year energy plan set out by the government in February.
Since 2012, new CSP installations have slowed after the government introduced sales taxes and removed subsidies.
The government’s new plan, which will be reviewed by the European Commission (EC), would raise Spain’s installed PV capacity from 8.4 GW in 2020 to 23.4 GW in 2025. Wind capacity would rise from 28.0 GW in 2020 to 40.3 GW in 2025.