Ardian, White Summit invest in Jinko Power’s 182.5 MW solar project in southern Spain

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Parisian private equity company Ardian Infrastructure, and Swiss private infrastructure concern White Summit Capital AG, have announced the acquisition of an unspecified stake in a 182.5 MW project that JinkoPower is developing near Seville, in Spain’s Andalucia region.

The plant is under construction, Ardian said in a press release, and is expected to be completed during the second half of the year. Total investment in the project is estimated at around €125 million. “The project was previously wholly owned and developed by Jinko Power International, a sister company of Jinko Solar,” Ardian said, without providing further details on the current ownership.

The private equity fund said the project will be unsubsidized, but provided no information on who will purchase the power it generates. “With this acquisition, we are cementing our presence in Spain, a country with high potential in the renewables space,” said Juan Angoitia Grijalba, managing director at Ardian.

The project was selected by the Spanish government in a renewable energy auction in July 2017, in which 3.9 GW of solar power was allocated and, as such, is not completely unsubsidized because the government at the time agreed a sale price for the power generated.

Jinko is building the La Isla project in the municipality of Alcalá de Guadaíra with Spanish EPC contractor Prodiel. According to a document published in the Spanish official journal in May, the project is owned by the Novasol Invest La Isla SL special purpose vehicle and is expected to be deployed with 536,790 polycrystalline modules with an output of 340 W each, and central inverters with a capacity of 2.5 MW.

*the article was updated on Feb. 11 to change the name of the project developer from JinkoSolar to Jinko Power.