Powertis, a Spanish company dedicated to the development of large-scale photovoltaic solar projects, has signed a co-development and a power purchase agreement (PPA) with the French business group Total, a global energy reference, for a portfolio of up to 1GW of photovoltaic solar energy in Spain.
Powertis continues with its strategy of growth and consolidation in the development of photovoltaic solar energy projects focused on private PPAs. The company already has a portfolio of projects, including identified opportunities, in different phases of development in Spain that exceed 950MW of installed capacity. The development of the projects within the framework of this agreement will involve an estimated investment of 700 million euros, in addition to contributing to the reduction of approximately 750,000 tonnes of CO2.
Through this agreement, both companies establish a joint venture whereby Total secures the right to purchase the projects developed by Powertis until February 2021, while Powertis will be in charge of their development. Soltec (Powertis' partner company) will be Powertis' supplier for the equipment, installation and construction phases of the projects developed by this joint venture.