Q CELLS successfully developed the Agenor project in Spain, and sold a 100% equity stake to NextPower III ESG (“NPIII ESG”), NextEnergy Capital’s international institutional solar fund, in June. Now the construction work is in full swing.
Q CELLS' Green Energy Solutions (GES) division has successfully developed a new 50 MW solar PV project in Las Majadillas, near to the southern Spanish city of Jerez de la Frontera, and sold a 100% equity stake to NPIII ESG, the international solar fund of solar specialist and investment manager, NextEnergy Capital (NEC).
Agenor plant begins to take shape
Q CELLS will install a total of 116,592 solar modules at the Las Majadillas site, mounted on single-axis trackers for maximum energy yield all year round. Construction of the 50 MW plant will create up to 200 local jobs and generate continuous economic activity in the region post-connection to the grid.
Solar PV has been the driving factor behind the growth of Spain's green energy sector. In 2020, Spanish photovoltaic association UNEF confirmed that 3.4 GW of new PV capacity was installed over 12 months - marking the second-best year for solar in Spain; just short of the 4.2 GW of new solar added in 2019. This year promises to be another strong year, with UNEF forecasting cumulative installations to once again surpass 3 GW - with the bulk of development coming from the large-scale ground-mounted sector.
Sangchull Chung, head of Green Energy Solutions, Q CELLS, added: "Q CELLS is excited to have broken ground on the 50 MW Agenor solar plant. It has been a pleasure to work closely with the skilled and knowledgeable staff at NPIII ESG in order to bring the project to this milestone, and we look forward to continuing our partnership with NPIII ESG over the coming years as both EPC and O&M provider for the project."
Filinto Martins, Managing Director and Head of NPIII ESG, said: "This acquisition further increases our expansion in Europe, in particular in a market as Spain which we see as a key geography with high growth potential. I am excited to see NextPower III ESG continuing to rapidly increase its presence globally, whilst also showcasing the ability of the investment team to seek new exciting deals and bring them to fruition, in close partnership with reputable and highly skilled partners such as Q CELLS. "
Q CELLS has developed a world-leading reputation for PV project build quality globally. This reputation - allied to the company's bold vision and ambition - is why Q CELLS' GES division has a development pipeline of more than 5 GW of solar projects in Iberia alone, and a portfolio of solar assets in the Poland, Italy and Germany. Recently, Q CELLS' mother company Hanwha Solutions acquired a 100% equity stake in RES France - the French business unit of renewable energy company, RES Group - in a deal that, once completed, will add another 5 GW of renewable energy projects to Q CELLS' European pipeline, boosting it to 10 GW across the continent.
This acquisition is a statement of intent from the company, and broadens impressively Q CELLS' downstream development capabilities in France.
About Q CELLS
Q CELLS is one of the world's largest and most recognized photovoltaic manufacturers for its high-performance, high-quality solar cells and modules. 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. Q CELLS offers the full spectrum of photovoltaic products, applications and solutions, from cells and modules to kits to systems to large-scale solar power plants. Through its growing global business network spanning Europe, North America, Asia, South America, Africa and the Middle East, Q CELLS provides excellent services and long-term partnerships to its customers in the utility, commercial, governmental and residential markets. For more information, visit: http://www.q-cells.com.
About NextPower III ESG
NPIII ESG is a private fund exclusively focused on the international solar infrastructure sector, principally targeting projects in carefully selected OECD countries, including the US, Portugal, Spain, Chile, and Italy.