Korkia buys two Spanish solar developments from Hive Energy
Korkia has bought two photovoltaic projects in Spain from Hive Energy, UK-based global renewable energy developer.
The projects, located adjacent to each other in Málaga, Spain, have a total capacity of 9 MW. Once in production, the solar farms will provide enough energy to power around 1,400 homes every year. Hive started developing the projects in 2019 and will remain involved until both sites reach ready-to-build status, which is expected to happen later this year.
“With this acquisition, Korkia Solar Energy Fund will have reached its volume targets. Korkia intends to construct the projects as soon as possible, in line with the fund’s strategy. This is a good example of Korkia’s ability to manage and create value to projects throughout the project life cycle,” says Tomi Tervo, Investment Director at Korkia.
Hive Renewables CEO, Mike O’Neill, comments on the deal: “We are pleased to partner with Korkia for the first time on this transaction, and look forward to further collaboration with them in the future. Spain is one of Hive’s most prominent and successful regions, and we are pleased to continue our support of the country’s green energy transition.”
Spanish leaders have set a goal to reduce the country’s carbon emissions by 2050. The Law on Climate Change and Energy Transition has two proposed phases which include a 2030 deadline to generate at least 74% of the country’s electricity from renewable sources and would guarantee 35% of the final energy consumption is from alternative sources. By 2050, the Law lays out plans for the country to be running entirely on clean energy with a 90% reduction in greenhouse gas emissions in comparison to 1990 levels.
Hive Energy, headquartered in the UK, was founded in 2010 by Giles Redpath to participate in the significant solar PV expansion across England. The company now operates from 19 countries globally, including Brazil, Canada, Croatia, Greece, Italy, New Zealand, Serbia, South Africa, Spain, and the UK.