Shell New Energies Holding Europe (Shell) has acquired Spain-based Green Tie Capital‘s ten under-development solar energy projects across Spain, with a potential generation capacity of 2 GW.

The company didn’t disclose the transaction value.

Shell said that the capital expenditure on the transaction is covered by its current capital range for renewables and energy solutions.

Land exclusivity rights have been secured for the ten solar projects in the early or advanced stages of development.

Green Tie Capital manages a portfolio of investments in sustainable assets which comprises an under-construction solar capacity of 77 MW in Spain.

The acquisition follows Shell’s framework agreement with Green Tie earlier this year.

Shell Spain’s Chairman Óscar Fernández said, “With this acquisition, we seek not only to increase the portfolio of renewable energy generation assets in the short term but establish the capability to grow our renewable business in Spain further.”

CEO of GTC Alvaro Garcia Borbolla said, “We are very happy to complete this important transaction and hand over the stewardship to Shell. We will continue investing in opportunities based on technology and the environment to add value to our society.”

With solar being the fastest growing and lowest cost source to generate clean electricity, Spain has advanced to become one of Europe’s biggest solar power markets. Recently, the European Commission approved a €220 million (~$215.3 million) aid for clean hydrogen production in Spain.

Shell’s renewable generation potential stood at 46 GW by the end of the third quarter, of which 2.2 GW is under operation, and 3 GW of capacity is under construction. It has a pipeline of 40.9 GW of clean capacity.

In July this year, a clean subsidiary of Nickel Asia Corporation, Emerging Power, inked a joint venture agreement with Netherlands-based Shell Overseas Investments to develop, own, operate, and maintain 3 GW of onshore clean energy projects in the Philippines.

In August, Shell completed its 100% acquisition of Solenergi Power and, with it, the Sprng Energy group of companies from Actis Solenergi Limited for $1.55 billion.