Greencoat Renewables PLC on Tuesday said it has agreed to acquire a 50 megawatt Spanish wind farm, and completed its purchase of an equally large solar park in the country.

The company’s total borrowings are now 47% of its gross asset value.

The London-based renewable infrastructure fund, normally focused on UK wind farms, will have completed its third Spanish acquisition upon buying the 50MW Andella wind farm in Valladolid.

“The combination of low-cost renewable energy and a well-developed corporate [power purchase agreement] market makes Spain a very attractive target for renewable energy investment,” explained Paul O’Donnell, a partner at the company’s investment manager Schroders Greencoat. “We’re delighted to secure such a high-quality wind asset and further build out our portfolio in the Spanish market.”

Andella, which comprises ten 5MW wind turbines from Siemens Gamesa Renewable Energy SA, is currently under construction. Greencoat expects commercial production to start in the second quarter of 2024 and said Siemens Gamesa, a subsidiary of Siemens Energy AG, will provide long-term operations and maintenance services.

Greencoat said the acquisition is structured under a forward sale model, and will only complete once the wind farm is fully operational.

Also on Tuesday, Greencoat said it has completed its second acquisition in the Spanish market, of the 50MW Torrubia solar park in Zaragoza. It had agreed to buy the facility in December 2020.

Greencoat expects the acquisitions to support its European expansion strategy; it has also increased activity in Germany, France, Finland and Sweden.

O’Donnell commented: “As the renewable generation market continues to develop, we expect to see greater opportunity for unsubsidised renewables and believe Greencoat Renewables is well positioned to benefit from this growing opportunity.”