May 16 (Renewables Now) - Spanish renewable power retailer Holaluz and solar firm Chint Energy, of China’s Chint Group, have signed a framework agreement to develop solar photovoltaic (PV) projects totalling 500 MWp Spain over the next three years.
According to Wednesday’s press release, the duo will study acquisition opportunities together. Chint Energy will be developing the projects, while Holaluz will agree to purchase the output under five- and 15-year power purchase agreements (PPAs) and serve as market representative. The Spanish firm expects these projects to generate enough electricity to power some 300,000 households.
The execution of the agreement will require an investment of close to EUR 350 million (USD 392.3m).
According to SolarPower Europe's Global Market Outlook (GMO), Spain will install between 11.3 GW and 26.6 GW of solar power capacity between now and 2023. These estimates come from the Low and High Scenario in the trade body's report. The country has almost 6 GW at present.
Holaluz aims to sign PPAs for 1 GW of renewable capacity by the end of 2021.
(EUR 1.0 = USD 1.12)