Specialist green infrastructure fund HSBC Environmental Infrastructure Fund and Spanish solar plant developer Solarig have signed an agreement to develop solar plants in continental Europe.
The strategic partnership will see the development of over 50 megawatts of photovoltaic projects across Spain and Italy. The two partners are set to invest a combined €200 million into solar projects as a result of the agreement.
Solarig will be general contractor for the projects, handling design, engineering and works management, in addition to the operation and maintenance of the plants once they have been completed and connected to the grid. The Spanish firm already has 22 megawatts of developed assets in operation.
The HSBC fund and Solarig said in a statement that there are “substantial political, economic and environmental drivers creating compelling investment opportunities in the development of solar photovoltaic projects” in Spain and Italy.
HSBC Environmental Infrastructure Fund came to market in summer 2008, targeting €500 million of total commitments. In March the fund made its first investment, acquiring a 49 percent stake in Partnerships for Renewables—a venture set up to develop and build 500 megawatts of renewable energy assets on public sector land in the UK.