Nov 20, 2023
GE Vernova’s Financial Services business and Alfanar Energia España (“Alfanar”) have established a joint venture (“JV”) to develop renewable energy projects in Spain. The JV will continue the development of Alfanar’s existing 334-megawatt (“MW”) portfolio of assets, which includes five wind farms and three photovoltaic (“PV”) plants in the Spanish regions of Comunidad Valenciana, Castilla La Mancha and Castilla y León, and seek new development opportunities in onshore wind and solar PV. Battery and energy storage solutions will be explored as well.
GE Vernova’s Financial Services business provides its customers and partners with a suite of financing solutions for projects that aim to accelerate a new era of energy. It has deployed sizeable capital into energy projects globally through development financing, direct equity investments, and capital raising from private and public financial institutions.
Guilherme Carvalho, Managing Director Europe Renewables at GE Vernova’s Financial Services business, said: “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. Further, the portfolio of projects will help Spain meet its renewable energy targets, which are primarily driven by onshore wind and solar PV, while contributing to Europe’s overall electrification and decarbonisation goals.”
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Alfanar is a prominent global player in energy transition and green fuels with ambitious renewable energy projects across the Middle East, Asia, Africa and Europe. It focusses primarily on manufacturing electrical construction products, engineering, procurement and construction solutions for conventional and renewable power plants, allied engineering services and design engineering.
Jamal Wadi, President of Alfanar Projects and Managing Director of Alfanar Global Development, said: “Our partnership with GE Vernova marks a significant milestone in our journey to expand and diversify our substantial portfolio of renewable energy projects in Spain. With both companies joining forces with extensive knowledge of renewable energy and expertise in sustainable construction, this collaboration will pave the way for Spain's transition towards achieving its ambitious renewable energy goals. It is the aim of both parties to extend this partnership to new projects and new areas. Together, we are working for a future where clean energy powers our communities, drives economic growth and safeguards our planet for generations to come.”
The JV will develop, fund, and construct projects through the commercial operations date. The projected timeline to build out projects in the current portfolio is to achieve ready-to-build status by 2025 and fully achieve commercial operations by 2027.