Solar products company Q CELLS, which has dual headquarters in South Korea and Germany, has acquired the project development rights for a 429-MWp solar portfolio in Spain from Madrid-based developer RIC Energy.
Q CELLS announced the move today after its downstream business unit had signed the asset purchase deal on September 18. The transaction concerns 10 sites located in Spain’s autonomous communities of Aragon and Castilla Leon. RIC Energy will oversee the development of the projects to bring them to a shovel-ready state by the fourth quarter of 2021.
This latest deal comes about a year after Q CELLS bought the rights to develop 940 MWp of solar projects in Spain from RIC Energy. These schemes are seen to become ready to build in early 2022.
Q CELLS expects to deliver over 3.5 GW of solar projects across Spain and Portugal over the next few years, it said.