GE Vernova has acquired a 50% stake in a 334-MW portfolio comprising eight wind and solar power projects developed by Saudi engineering group Alfanar in Spain. The joint venture (JV), established by Alfanar Energia Espana and GE Vernova's Financial Services business, now incorporates the extensive portfolio.
The JV, aiming to continue the development of Alfanar's projects, will also actively seek new opportunities in the onshore wind and solar photovoltaic space. Additionally, the partnership has plans to explore battery and energy storage solutions to further diversify its energy offerings.
The acquired portfolio consists of five wind and three solar projects located in the Spanish regions of the Valencian Community, Castile-La Mancha, and Castile and Leon. The combined capacity of these eight projects is estimated to be around 364 MWp, as reported by law firm Watson Farley & Williams, which advised GE Vernova's Financial Services business on the stake acquisition.
The JV's strategic goal is to develop, fund, and build facilities through the commercial operations date (COD). With a target of achieving ready-to-build status by 2025 and reaching COD by 2027, the partnership signals a commitment to advancing renewable energy projects in Spain.
Guilherme Carvalho, Managing Director Europe Renewables at GE Vernova's Financial Services business, stated, “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.” Jamal Wadi, President of Alfanar Projects and Managing Director of Alfanar Global Development, expressed that the partnership with GE Vernova marks a significant milestone in expanding and diversifying their renewable energy portfolio in Spain.