London-based investor Renewable Power Capital (RPC) said on Wednesday that it signed an agreement with Spanish renewables developer and consultancy Euder Energy SL to jointly develop 1 GW of solar projects in Spain.

The partnership agreement will cover only the development process, with RPC intending to be the long-term owner of the assets, a spokesperson for the investment platform told Renewables Now.

The focus will be on the development on early-stage projects. According to the announcement, Euder Energy is bringing the partnership its expertise and experience, having developed 3.3 GW of projects in Spain and over 1.2 GW in Latin America.

For RPC, the agreement will strengthen its already established presence in Spain, where it arrived in early 2021 to co-develop 3.4 GW worth of solar projects with a different local partner.

“We are bringing our flexible, long-term approach to capitalise on the continued growth the Spanish solar market is seeing. This second venture in Spain will continue to grow our industrial capabilities as a company and our local expertise. We are pleased to be working with the very experienced team at Euder to achieve this,” said Mariano Berges, Chief Commercial and Technical Officer at RPC.

The agreement is subject to the relevant regulatory communications.

RPC is backed by the Canada Pension Plan Investment Board.