Spanish power group Holaluz has agreed to buy electricity from 500 MW of planned PV projects that China’s Chint Energy plans to build in Spain, with a total investment of €350 million over the next three years.
The two companies will also work together to explore the possibility of acquiring projects. They expect that the projects will eventually occupy about 1,000 hectares of land, according to an online statement.
Upon completion, the installations are expected to annually generate enough electricity to cater to the needs of about 300,000 households. According to a recently signed framework agreement, Holaluz will buy the electricity over periods of five to 15 years at yet-to-be determined prices through power purchase agreements (PPAs).
Last August, Holaluz started selling electricity from a 46 MW solar plant in Ourique, Portugal. UK-based Welink and China Triumph International Engineering built the project.
Earlier this year, Chint Energy started building a 103 MW solar project in the Netherlands. The Shanghai-based group began construction on the project mere weeks after revealing plans to halt production of PV modules at its German Astronergy unit.