Tayan Energy, a joint venture between Shanghai Electric and Eland Private Equity, is launching more than 1 gigawatt (GW) in solar power projects in Spain, Portugal and Italy, worth 700 million euros.
Madrid-based Tayan said on Monday that construction of the projects will begin in the first quarter of 2021 in the three countries.
The company was created last year to develop renewable energy generation projects in Europe and is now focused on hybrid models of photovoltaic solar energy and battery energy storage.
In Portugal, Tayan has partnered with Inovolt and is developing 650 MW projects, and plans to build the first 300 MW project in early 2021, which includes 15 megawatt-hours (MWh) of energy storage.
Tayan has partnered with Isemaren in Spain, and with Limes Renewable Energy in Italy. The company is currently studying several storage projects in the UK.
Shanghai Electric is a large integrated equipment manufacturing group specialized in energy equipment, industrial equipment and integration services. It is committed to providing customers with solutions to technology integration and systems incorporating green, eco-friendliness, intelligence and Internet.
Eland is a consolidation vehicle for the Spanish photovoltaic sector. The Spanish photovoltaic market presents an undeniable opportunity for consolidation given its fragmented structure and the uncertainties that investors in this sector have been suffering in the past in Spain.
