[Berlin, Germany, March 5, 2020] Qcells, a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail, has secured the project development rights for a 940 MWp solar portfolio in Spain, in what is one of the largest renewable energy transactions in Spain's history.
Qcells' Downstream Business Unit signed on December 31, 2019 an agreement to purchase 940 MWp of new solar capacity in Spain, which is projected to achieve Ready to Build status by the first quarter of 2022. Once completed, these solar installations will generate enough clean electricity to meet the annual power needs of more than half a million Spanish households.
RIC Energy is active in Spain, the USA, India and in parts of Africa. This transaction represents the largest deal that the company has completed in the Spanish market to date. In addition to the sale purchase agreement, RIC Energy confirmed that it will provide development services for all the projects in order to bring them to Ready-to-Build status.
The purchase agreement is a landmark transaction for Qcells' Downstream Business division, which was officially created at the beginning of the year as successor to the former Qcells EPC Division.
Qcells' Downstream Business Unit now owns more than 1 GW of solar projects in Spain, and has a PV portfolio of more than 2 GW in the pipeline, across Iberia, Poland and Italy.
Gains in Spain
Qcells' commitment to the Iberian Peninsula has grown in the past year in response to the burgeoning solar development opportunities emerging in both Spain and Portugal. Having enjoyed somewhat of a breakthrough year in 2019 --- installing close to 300 MW of new PV capacity and assigning a further 1.15 GW at auction, according to Bloomberg New Energy Finance data --- Portugal could well install more than 500 MW of new solar capacity in 2020.
Neighbouring Spain, meanwhile, finally appears to have discovered a thirst for sustainable solar growth, following a few years of boom-and-bust. In 2020, IHS Market forecasts Spain to claim 15% share of all European installations, behind only Germany, in a year in which Europe may exceed 23 GW of new capacity. Driving Spain's solar growth this year will be its utility-scale sector.
Sang Chull Chung, Head of EU Downstream Business Unit for Qcells, said: "In securing the development rights from RIC Energy for its 940 MWp solar portfolio, Qcells is sending out a strong statement of belief in the European market. As our Downstream Business Unit seeks to grow, Qcells is eager to proactively explore the opportunities that exist right across the continent at a time of exciting growth potential for many European countries, particularly on the Iberian Peninsula."
José Luis Moya, CEO of RIC Energy, added: "This transaction represents the largest such deal that RIC Energy has completed in the Spanish market to date. Given the size of our current portfolio, we expect to close operations of similar size during 2020."
About Qcells
Qcells is a renowned total energy solutions provider in solar cell and module, energy storage, downstream project business and energy retail. It is headquartered in Seoul, South Korea (Global Executive HQ) and Thalheim, Germany (Technology & Innovation HQ) with its diverse international manufacturing facilities in the U.S., Malaysia, China, and South Korea. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Qcells provides excellent products and services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: www.q-cells.com.
About RIC Energy
RIC Energy is a global PV Spanish developer, dedicated to the development, construction & operation and financial structuring of solar PV installations, It is headquartered in Madrid (Spain) with operations in USA, Africa and India. Since its inception, RIC Energy has participated directly in the development, construction, operation and financing of more than USD 1,0 billion of PV assets in 4 continents. It has a strong track record in the industry with its experienced core development and engineering team acting as a trusted advisor of numerous companies and public entities, such as local governments. For more information, visit: ric.energy
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