Solar tracker manufacturer Soltec has received environmental approval for a 401MW photovoltaic plant in two Spanish provinces. Spain's Ministry of Environmental Transformation has allowed Soltec to develop 16 photovoltaic power plants with a peak power of 401MW in the provinces of Murcia and Alicante, of which 352MW will be jointly developed with French energy company TotalEnergies.

In the partnership, Soltec participated through a special purpose vehicle with a 35 percent stake, while its French counterpart will hold the remaining 65 percent. After obtaining environmental permits for the 16 plants, Soltec has completed all necessary environmental impact assessments and can begin work by the January deadline.

In addition to the license, Soltec signed a financing agreement with real asset investment advisory firm Incus Capital to fund Soltec Asset Management, its renewable asset management and mining business, earlier this month.

The agreement, valued at EUR 100 million, could help Soltec add value and accelerate the growth of Soltec Asset Management, a business unit dedicated to the investment, development and management of renewable energy assets. In addition, the agreement guarantees the construction and operation of selected projects in the project development portfolio, mainly located in Spain, Italy and Brazil.Editor/XingWentao