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Bulgarian REEF buys 49.99-MW PV park in Spain

Bulgaria-based solar company REEF Development Ltd. has acquired a 49.99-megawatt (MW) photovoltaic (PV) park in the Spanish region of Extremadura, Renewables Now reports. 

The vendor is Germany’s Viridi RE Development GmbH, the legal advisor in the transaction, Watson Farley & Williams (WFW), said on May 28.

The transaction was closed for an undisclosed amount on May 7. Details on the plant have not been released.

REEF is a privately-owned PV project investor involved in the full project-cycle development value chain. Its current business activities are focused on the markets in Spain and Portugal, according to WFW, Renewables Now notes.

According to REEFʼs own website, the name stands for Renewables and Energy Efficiency Facility (REEF); the company was "established with the aspiration to invest and participate in creation of sustainable energy solutions. It is backed by shareholder ODACIO Corp., a private investment entity with strong financials and interests in renewable energy investments.