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Spain’s Audax buys two 5-MWp solar projects in Toledo

Spanish renewable energy and gas company Audax Renovables SA (BME:ADX) has acquired two 5-MWp solar photovoltaic (PV) projects located in Toledo province, central Spain.

The group said on Thursday it had bought the projects from Energy Pool, a firm that previously did PV development work for Audax in Guadalajara and Toledo.

The price paid for the Toledo duo has not been disclosed, but Audax said it had funded the transaction in part using proceeds from recent green bond issues and will cover the rest with own resources.

The projects, called Los Arenales and El Toconal, are far in the permitting process and construction is set to start shortly. According to Audax, the company is close to finalising contracts with suppliers and EPC contractors.

The solar farms will be delivered turnkey.

The plants will be equipped with around 30,000 solar panels in total for the production of some 16 GWh of power per year. El Toconal can be further expanded by up 10%, Audax added.

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