Macquarie’s Green Investment Group (GIG) and Spanish-Japanese renewables company Univergy International SL have launched a new joint venture to deliver a large-scale solar power pipeline in Europe.

Nara Solar will initially pursue a 700 MW pipeline of small-to-utility scale solar photovoltaic (PV) projects in Spain, France and the Netherlands. It has been set up as a 50-50 joint venture between GIG and Univergy.

Among its initial projects are Univergy’s 35-projectportfolio in Spain, France and the Netherlands.

Yago Acon, CEO of Nara Solar, said: “The European solar market is gearing up a period of significant growth, particularly in Spain where falling costs have stimulated a reawakening of the industry. It’s an exciting time to be creating a new solar development platform that will generate new investment opportunities and help stimulate the growth of solar energy across Europe.”