Aquila Capital has expanded its project portfolio in the Iberian market with the acquisition of a 700MW renewable energy project in Spain.

The alternative investment specialist said the portfolio consists of over 400MW of onshore wind projects and around 300MW of solar projects. Financial details were undisclosed.

Construction work is expected to commence by the end of 2019 with grid connection expected by 2021.

Roman Rosslenbroich, co-founder and CEO of Aquila Capital, said: “This successful transaction underlines the importance of the Iberian Peninsula for investments in European renewable energy infrastructure.

“In this region alone, investors are able to diversify across solar, wind and hydro. To us, Spain and Portugal are key locations for our institutional investors and we intend to further expand our operations in the area.“

The latest deal expands Aquila Capital’s project portfolio on the Iberian Peninsula to a capacity of over one gigawatt. Aquila entered the Iberian market in 2017 with the acquisition of a Portuguese photovoltaic project portfolio.