VH Global Sustainable Energy Opportunities plc (GSEO) announced a deal to become the largest shareholder in a portfolio of solar and onshore wind assets across Spain, Portugal, and Sweden, with a combined capacity of 248.4 MW.
The portfolio includes seven solar and two wind assets at various stages of development, from operational to construction-ready. The acquisition is in partnership with an unnamed European strategic fund as an equity co-investor and Spanish Power SL, a developer and owner of renewable projects in Iberia and Sweden.
The investment will be executed in two stages. Upon completion, expected by the end of 2025, the assets are projected to generate 489,900 MWh of clean electricity annually, sufficient to power over 100,000 homes.
The first stage involves acquiring five assets with a generation capacity of 59.8 MW and project rights for four ready-to-build solar assets in Spain with a capacity of 188.6 MW. GSEO's investment in this stage is estimated at EUR 53 million (USD 57.4 million).
The second phase will fund the construction of 188.6 MW of ready-to-build solar assets with an investment of EUR 45 million in the fourth quarter of 2024. The required funds for construction will be provided by the equity co-investor and project finance debt.
Once both phases are completed, GSEO will hold a 43.5% stake in the portfolio, making it the largest shareholder. The remaining ownership will be divided between the equity co-investor with 36.5% and Spanish Power SL with 20.0%.
The investment will be carried out in two stages. Once all sites are operational, expected by the end of 2025, they will produce 489,900 MWh of clean electricity per year, an amount enough to power more than 100,000 homes annually.
