Bruc Energy, a company owned by Ontario Pension Trust (OPT) and Juan Béjar, has reached an agreement with renewable energy firm Forestalia, to acquire its 2GW photovoltaic solar energy plants.

The solar projects to be acquired by the Bruc Energy will be located in the provinces of Zaragoza and Terue in Aragón, Spain, and are already in possession of the environmental impact statement, said the company.

Also, all of the solar plants are provided with access to the transmission grid and are in administrative processing.

Bruc president Juan Béjar said that the “alliance between Bruc Energy and Forestalia is one of the most relevant in the green energy sector due to its size and scope and because it combines Forestalia’s development capacities and Bruc’s financial ones.”

“It is an agreement that will create a lot of value for both parties and will contribute to continue developing the renewable energy sector in Spain.”

Forestalia to continue development of solar projects

Forestalia is expected to continue development of the facilities, and Bruc Energy will acquire the solar plants when they achieve the ‘ready to build’ status.

Bruc Energy said that the current agreement with Forestalia follows its previous purchase of seven photovoltaic solar power plants totalling 281MW, from the company.

The acquisition marks the company’s recent third operation, following financial closing of Las Quinientas, recently acquired from Solaer, and an agreement with Alter Enersun to jointly develop 500MW.

Bruc Energy is an investment vehicle of Bruc Management, a fund manager operating in the renewable energy sector, with initial investments in Japan.

Established in 2011, in Zaragoza, Forestalia is a business group focused on wind, photovoltaic and biomass energies.

In November last year, Danish investment firm Copenhagen Infrastructure Partners (CIP) and Forestalia have agreed to invest in a portfolio of onshore wind farms with a combined installed capacity of over 1GW.