GE Vernova’s Financial Services business has entered into partnership with Alfanar Energia España (Alfanar) to develop renewable energy projects in Spain.
The duo has already established a joint venture for the same.
It has been informed that the JV will focus on the development of Alfanar’s existing 334 MW portfolio. It includes five wind farms and three photovoltaic plants in the Spanish regions of Comunidad Valenciana, Castilla La Mancha and Castilla y León.
The duo has also explored to seek new development opportunities in onshore wind and solar PV, battery and energy storage solutions. It aims to extend the partnership to new projects and new areas.
The duo informed that this partnership will pave the way for Spain's transition towards achieving its ambitious renewable energy goals.
Guilherme Carvalho, Managing Director Europe Renewables at GE Vernova’s Financial Services business, was quoted in a statement, “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.”
Alfanar is a key global player in energy transition and green fuels with ambitious renewable energy projects across the Middle East, Asia, Africa and Europe.
Meanwhile, Jamal Wadi, President of Alfanar Projects and Managing Director of Alfanar Global Development, remarked, “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.”
As per the companies, the JV will develop projects which will achieve ready-to-build status by 2025 and achieve commercial operations by 2027.