ABO Energy connects first turnkey solar park to the grid in Spain

Turnkey construction projects present both opportunities and challenges. ‘The construction phase ties up considerable liquidity, and as project developers, we bear the risk until completion,’ says Dr. Schlageter. However, the expected margin is higher in comparison to the sale of project rights. ‘We are therefore all the more delighted about the successful commissioning and sale of the solar park. I would like to thank our employees, who have made Valdezorita a success with their expertise and passion.’ In addition to the planners, construction and electrical engineers as well as commercial staff, those responsible for electricity marketing also made a significant contribution. A major US Internet company has secured the solar park’s electricity production for the next few years through a power purchase agreement (PPA) in order to meet the energy needs of its large data centre in a climate-friendly and cost-effective manner.

The solar park was acquired by a fund advised by EB – Sustainable Investment Management GmbH (EB-SIM). The subsidiary of Evangelische Bank (EB) is one of the leading asset managers for ethical and sustainable investments with many years of experience in the field of renewable energies. On behalf of the owner, ABO Energy will be responsible for the optimal operation of the solar park.

ABO Energy has been active in Spain since 2001. ‘Thanks to numerous sales of project rights, our Spanish subsidiary has made a significant contribution to the Group’s success, particularly in the last six financial years,’ says Dr. Schlageter. After Germany, Spain is by far the largest market for renewable energies in Europe and continues to offer great potential. Following strong growth, particularly in photovoltaics, specific prices for solar electricity have fallen significantly in recent times. This demonstrates how competitive the technology is and at the same time poses a challenge for the conclusion of further solar PPAs. ‘In the longer term, good prospects will open up again for new solar parks in Spain, but we are currently focusing our project development primarily on wind energy and battery storage.’’ says Dr. Schlageter, describing the company’s revised strategy. In Spain, ABO Energy is currently working on a 700-megawatt pipeline of projects in development.