Renewable Power Capital enters venture to develop 3.4 GW of Spanish solar

Andasol Solar Power Station
An aerial view of Andasol solar power station near Guadix, southern Spain August 8, 2015. REUTERS/Marcelo del Pozo/File Photo

LONDON, March 29 (Reuters) - Renewable Power Capital (RPC), a renewable energy investment platform backed by the Canada Pension Plan Investment Board, said it had entered a venture to develop 3.4 gigawatts (GW) of solar energy projects in Spain.

RPC will be a 50:50 joint venture partner with Spanish photovoltaic developer Benbros Solar S.L.

Through the partnership, RPC and Benbros will work on 14 projects in the regions of Andalucía, Extremadura, Castilla la Mancha, Aragon and Murcia.

RPC said the Spanish market was attractive due to the country's target of 50 GW of renewable energy capacity by 2025 and boasts Europe's lowest solar levelised cost of energy.

The levelised cost of energy is the cost of generating a megawatt hour of electricity, the upfront capital and development cost and the cost of equity and debt finance and operating and maintenance fees.

Financial details of the deal were not disclosed.

Reporting by Nina Chestney; Editing by Edmund Blair

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