Spanish energy group Acciona will boost its presence in the US’s solar solar market by acquiring a 3GW PV project pipeline from Nebraska-based independent power producer Tenaska, along with a 1GW battery storage pipeline.
An agreement announced today will more than double Acciona’s 1.2GW global solar PV capacity and will increase its total renewable energy capacity in the US by 120% by 2023 when it plans to conclude the construction of eight solar projects from the pipeline totalling 1.5GW.
Acciona’s only solar power asset in the US is the 64MW concentrated solar power plant Solar One in the state of Nevada. However, it also has solar PV assets in Spain, Chile and Mexico. By comparison, Acciona has 7GW of wind power capacity throughout the globe.
The transaction with Tenaska was closed for an undisclosed amount and it also includes 1GW in storage projects.
“This deal gives Acciona the opportunity to increase its commitment to renewable energy and sustainability in the US,” says Rafael Esteban, Acciona Energy's director for North America. “We will built a significant part of the projects between 2021 and 2023.”
Acciona currently has 1.25GW of wind capacity in operation and under construction in the US.
The US’s solar PV market has more than doubled from 2015 to 2018, reaching 50GW and is expected to top 120GW by 2030.
The whole pipeline bought by Acciona includes 20 projects in eight states in the US’s north-eastern and central regions.
Tenaska – which operates 6GW of solar PV in the US through its subsidiary Tenaska Solar Ventures - says the transaction shows investors that it is willing to implement different growth strategies on top of the construction of its own projects and partnering with third parties for the completion of power plants.
“This operation highlights Tenaska's capacity to monetize the know-how of our team by operating different development models,” says Steve Johnson, vice-president of Tenaska Solar Ventures.
In November 2018, Tenaska entered a partnership to Swiss private asset management company Capital Dynamics to develop its 2GW solar PV portfolio in the Midwest.