BayWa r.e., a global leader in the development, distribution and supply of renewable energy services and solutions, completes the sale of what will be its fifth solar farm built in Spain. The acquisition was carried out by Encavis Asset Management AG and is the first investment made by the wind and solar farm operator in Spain.
Located in the municipality of Archidona (Málaga), the wind farm will have a capacity of 56.3 MWp, enough to supply more than 40,000 homes and save 25,600 tons ofCO2 per year. The Malaga plant is currently under construction and is scheduled for completion in March 2022.
Once completed, this solar plant, together with another 147 MWp photovoltaic installation that BayWa r.e. is building in Granada, will supply renewable energy to AB InBev, the world's largest brewer and owner of the Budweiser brand, to brew beer with 100% renewable energy. The purchase of the electricity is secured through a virtual power purchase agreement (VPPA) that BayWa r.e. and AB InBev signed last year in the largest pan-European solar power deal in history.
"We are pleased to move forward with the construction of our fifth solar park in Spain and to be able to continue our successful collaboration with Encavis Asset Management AG. With the sale of Archidona and the virtual power purchase agreement (PPA) established with AB InBev, this project represents a step forward in meeting the sustainability objectives of all parties involved," emphasized Rafael Esteban, General Project Manager for BayWa r.e. in Spain.
Karsten Mieth, CEO of Encavis Asset Management AG, says: "In recent months, we have advised our fund investors on the acquisition of numerous wind and solar farms. With this investment, we are entering the Spanish market, one of the fastest growing renewable energy markets in Europe, for the first time.Thus, thanks to this transaction we have expanded and diversified our special fund's portfolio with another very attractive region."
