The company is expected to invest $1.5bn for the project that has a target of 300MW solar power over the next three years.

Commenting on the collaboration Gestamp CEO Jorge Barredo remarked that the two companies will work together to scout for appropriate locations while securing required permits, licenses and authorizations.

"Gestamp Solar has strong background having constructed the largest roof-top projects and parking shelters worldwide, such as "the Renault project", 55MW connected in February 2012," said Barredo.