ENERGY ASSETS
Through its experience with large EPC projects, Cobra IS has amassed specific expertise in developing and financing renewable energy assets, in the upstream stage, and in operating the facilities and marketing the produced energy, on the downstream end. It therefore covers the industry’s entire value chain. Its portfolio of energy assets, mainly consisting of photovoltaic power plants in Spain, Portugal and Brazil, is a complementary fit with the transmission lines in its PPP contracts. At the end of 2023, these solar farms had a total capacity of 2 GW, including 0.6 GW in operation and 1.4 GW under construction (see Close-up on the São José do Belmonte plant in Brazil).
Operations in the development and preliminary study phase formed a portfolio of opportunities of approximately 15 GW at the end of 2023, consisting of solar PV and onshore wind farms at different stages of maturity in Spain, Latin America, the United States and Australia. Significant offshore wind projects are also being developed in Morecambe (0.5 GW) and White Cross (a 100 MW floating farm) in the United Kingdom.
CLOSE-UP
COVERING THE WHOLE VALUE CHAIN OF A LARGE SOLAR PV FARM
The São José do Belmonte solar PV farm in Brazil was fully developed and carried out by Cobra IS, which is now operating the plant and selling the produced electricity.
Leveraging the expertise of its specialised entities and local subsidiaries, including Cobra Instalaciones y Servicios, Cobra Brasil and Cymi Brasil, Cobra IS built this 570 MWp plant in the state of Pernambuco from start to finish. During the preparation stage, Cobra IS assessed the technical and financial aspects of the project and its development, obtained the necessary grid connection approvals, conducted negotiations with land owners, and worked with ecologists to design and implement environmental protection measures to preserve biodiversity at the site. In all, 28 different permits and authorisations were obtained. The construction phase involved some 2,000 workers, mainly recruited from the surrounding area. They prepared the 1,200 hectares of land and assembled the 12,000 solar trackers (adjustable panel mounts), along with over a million solar panels for the site’s 10 levels. They also installed 3,000 km of cables, a power substation and 27 km of high voltage lines connecting the solar complex to the national grid. Brought into service in July 2023, and having since obtained the required technical certifications, the asset is now an integral part of Brazil’s electricity matrix. At full capacity, it produces about 1,200 GWh of renewable energy per year, representing 20% of residential use in the state of Pernambuco (enough to power more than 700,000 homes). Cobra IS now operates and maintains the complex and sells the produced electricity under different types of agreements long term contracts on the regulated market and short, medium or long term contracts on the free market. The integrated approach taken by Cobra IS helps to maximise the plant’s production and revenue, and ensure its operation for at least 30 years, while upholding its environmental, safety and social development commitments.