Canada-based Northland Power Inc. has entered into a definitive agreement for the acquisition of an operating portfolio of renewable power projects in Spain. It has also announced a concurrent $900 million bought deal equity financing to fund both, the acquisition as well as the development of its 4 to 5 GW identified project pipeline.

Northland will buy a combined power portfolio of 540 MW from Helia Renovables, F.C.R., a fund sponsored by Plenium Partners Asset Management, S.G.E.I.C., S.A., and Bankinter S.A., being fully distributed among the latter clients. This portfolio comprises of 33 operating assets spread across Spain and include 424 MW onshore wind, 66 MW solar PV, and 50 MW concentrated solar. Closing of the acquisition is expected to occur in the third quarter of 2021.

Headquartered in Toronto, Canada, Northland Power is a global power producer with ownership or economic interest in 2.7 GW (net 2.3 GW) of operating capacity. Further, it has 4 to 5 GW of early to mid-stage development opportunities. In addition, the company develops, owns, and manages a diversified generation mix including onshore renewables, solar, offshore wind, and efficient natural gas energy, as well as supplying energy through a regulated utility.

In 2020, Spain set a target to achieve 70% of its total power from renewables by 2030 as part of the Law on Climate Change and Energy Transition. This would mean the country would have to deploy an estimated 35 to 40 GW of additional renewables capacity by 2030. The Spanish government is expected to auction roughly 16.5 GW of solar and onshore wind capacity over the next five years to achieve this goal.