Aquila Capital has bought a portfolio of more than 700MW in renewables projects in Spain, underscoring the renewed role being seen for the Iberian Peninsula in European clean-energy infrastructure investment.

Construction work on over 400MW of onshore wind and around 300MW of solar developments is expected to start by the end of 2019 with grid connection expected by 2021.

Aquila said based on "favourable local conditions and the strong decrease in technology costs" over recent years, renewable energies in Spain can be operated profitably, independent of state subsidies.