Acciona enters U.S. solar market with big project development portfolio buy from Tenaska

acciona

Spain-based renewable energy infrastructure company Acciona signed an agreement with Tenaska to acquire a portfolio of greenfield photovoltaic (PV) solar and energy storage projects in the U.S. The development portfolio comprises approximately 3 GW of utility-scale solar and 1 GW of co-located solar and energy storage.

The transaction includes 20 solar projects in the PJM Interconnection and Southwest Power Pool (SPP) markets. The portfolio represents a large, diversified solar and storage development pipeline in seven states, including Pennsylvania, Ohio, Kentucky, Illinois, Missouri, Kansas and Oklahoma.

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“This provides Acciona with an opportunity to build upon our investments in wind energy and increase our commitment to renewable energy and sustainability in the United States through solar PV and energy storage technology,” said Rafael Esteban, CEO of Acciona’s Energy Division in North America. “We will bring a significant portion of the portfolio into service between 2021 and 2023.”

Tenaska – through Tenaska Solar Ventures, the company’s solar development services business – will work with Acciona to complete development of the projects.

“We are excited to join forces with Acciona on this renewables portfolio, pairing Tenaska’s extensive expertise in development with their origination and construction capabilities,” said Steve Johnson, senior vice president and leader of Tenaska Solar Ventures. “This transaction highlights Tenaska’s ability to monetize our team’s knowledge and skill sets while operating under various development models.”

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What’s next?

Acciona envisions commissioning eight projects by the end of 2023, adding around 1,500 MW of peak capacity (some 1,200 MW rated capacity) to its North American renewable energy portfolio.

The agreement with Tenaska boosts Acciona’s North American portfolio, which includes 1,245 MW of wind power installed and under construction. Acciona also owns and operates the 64 MW Nevada Solar One concentrated solar plant outside of Las Vegas.

The addition of a 1,000-MW energy storage development portfolio allows Acciona to offer cutting-edge technologies and services to these important U.S. markets. Analysts expect energy storage to experience exponential growth in the U.S. in coming years.

Globally, Acciona operates almost 10,000 MW of renewable capacity under its ownership spread across 16 countries and five continents.
Tenaska, one of the leading independent power producers in the United States, has developed approximately 10,500 MW of natural gas-fueled and renewables power projects.

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