GE Vernova has acquired a 50% stake in a 334-MW portfolio with eight wind and solar power projects developed by Saudi engineering group Alfanar in Spain.
The portfolio is now part of a joint venture (JV) established by Alfanar Energia Espana and the Financial Services business of GE Vernova, the planned spin-off of General Electric Co (NYSE:GE), GE said in a press release.
Going forward, the JV will continue the development of Alfanar’s projects and seek new opportunities in the onshore wind and solar photovoltaic space. The partnership also plans to explore battery and energy storage solutions.
Alfanar’s portfolio contains five wind and three solar projects located in the Spanish regions of the Valencian Community, Castile-La Mancha and Castile and Leon. According to law firm Watson Farley & Williams, which advised GE Vernova’s Financial Services business on the stake acquisition, the eight projects have a combined capacity of around 364 MWp.
The JV will develop, fund and build facilities through the commercial operations date (COD). The aim is to achieve ready-to-build status by 2025 and reach COD by 2027.
“Our JV with Alfanar will further cement our presence in Spain and build upon our success of establishing relationships with strong development partners to bring renewable energy projects online,” commented Guilherme Carvalho, Managing Director Europe Renewables at GE Vernova’s Financial Services business.
“Our partnership with GE Vernova marks a significant milestone in our journey to expand and diversify our substantial portfolio of renewable energy projects in Spain,” added Jamal Wadi, President of Alfanar Projects and Managing Director of Alfanar Global Development.
