The Renewables Infrastructure Group (TRIG) has marked its first investment in Iberia with the acquisition of four solar projects in Spain.
London-listed TRIG, advised by InfraRed Capital Partners, has invested an undisclosed amount to buy the sites in the province of Cadiz, with a total capacity of 234MW.
The projects, being built by Norwegian state-owned utility Statkraft, are expected to complete construction in the fourth quarter of next year.
Helen Mahy, chairman of TRIG, said: 鈥淭his first investment in the Iberian region is a landmark for TRIG, and complements the existing portfolio. It builds on the portfolio鈥檚 technological and geographic diversification, which are key to long-term portfolio resilience.鈥�
Richard Crawford, infrastructure director at InfraRed Capital Partners, said: 鈥淗aving evaluated a number of investment opportunities over the last 12 months to add solar in Iberia to TRIG鈥檚 portfolio, we are pleased to have entered into this strategic partnership with Statkraft; who, having developed these four sites, will stay on to deliver the projects through the construction phase and share our approach to supply chain verification.鈥�
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