Spanish companies Matrix Renewables and Rolwind have signed a partnership agreement to develop 1GW of renewable projects. The global renewable energy platform, Matrix Renewables, plans to initially invest in a portfolio of 150 MW which consists of three solar power projects located in Huelva, Spain. The company is backed by alternative asset manager TPG and its impact investing platform The Rise Fund. These projects, which could also involve energy storage, are part of a 1 GW partnership agreement. The development of the project is expected to begin in the second half of 2021 and the projects are expected to begin generating power in June 2022 under a bilateral power purchase agreement.

With this agreement, Matrix Renewables’ project pipeline in Spain will increase to 275 MW. Matrix also plans to expand its presence across the Iberian Peninsula. Currently, Matrix Renewables has a 1.3 GW existing portfolio and is focused on growth across Europe, the United States and Latin America. Rolwind, founded in 2006, is a renewable energy project developer with extensive experience in both wind and solar PV projects. It currently has a portfolio of development projects in Spain and Panama over 1.5 GW in late stages of development.

Earlier this year, Spain has announced the allocation of about 3 GW of renewable energy capacity in its first renewable energy auction since 2017. The auction was conducted by the Ministry for the Ecological Transition and witness the awarding of 2 GW of solar capacity. Additionally, the Ministry also allotted about 1 GW of wind energy under the auction.

In September 2020, The Institute for the Diversification and Saving of announced its plans to allocate Euro 181 million to support renewable energy projects in seven autonomous communities of Spain. This was part of a Euro 316 million package for the domestic renewable energy sector.