Hanwha Q-Cells expands PV project pipeline in Spain

The South Korean company acquired a 429 MW PV project portfolio that will be ready for construction in the fourth quarter of 2021.

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From pv magazine Spain

South Korea-based solar manufacturer Hanwha Q Cells has acquired from Spanish developer RIC Energy the development rights of a portfolio of photovoltaic projects in Spain totaling 429 MWp.

Q Cells said the agreement was signed on September 18 and the portfolio will be ready for construction in the fourth quarter of 2021.

RIC Energy has agreed to oversee the development of the 10 sites as part of the sale, with the goal of having them ready for construction within the next year. The 10 projects will be located in regions of Aragon and Castilla y León.

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The agreement follows a previous transaction, completed on December 31, 2019, whereby Q Cells acquired the rights to develop 940 MWp of solar project capacity from RIC Energy, in what was then one of the largest renewable energy agreements of the Iberian Peninsula. These projects are expected to be ready for construction in early 2022.

Q Cells has increased its presence in the Iberian Peninsula considerably in recent months. In Spain, the company's portfolio totals 1.5 GW and in Portugal, it was the biggest winner in the recent solar energy auction, in which it secured 315 MW by winning half of the 12 lots assigned.

In Spain and Portugal together, Q Cells aims to inject more than 3.5 GW of solar energy into the grid in the coming years.

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