Aquila acquires 100MWp solar PV portfolio in Spain

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Aquila’s acquisition of 100MWp solar PV in Andalusia, Spain, will double its current solar PV capacity portfolio. Image: Opdenergy.

Renewables investor Aquila European Renewables Income Fund has acquired a 100MWp solar PV portfolio currently in construction in Spain, doubling its portfolio’s current solar PV capacity.

Aquila has signed a sale and purchase agreement, valued at around €90 million (US$99.13 million), with additional earn-out payments for a portfolio of two assets in the southern region of Andalusia.

The earn-out payments are to be valued at up to 50% of the uplift of any power purchase agreement signed against a reference price agreed between the two parties.

The Greco project is expected to be completed by the end of the year, once it receives authorisation from local authorities, and the company estimated its operating life to be 30 years.

Ian Nolan, chairman at Aquila, said: “We are pleased to be able to secure another large scale, high quality solar PV project, which dramatically increases our allocation to solar PV, in-line with our portfolio targets.”

With the acquisition of the project, Aquila will double its solar PV capacity located in Portugal and Spain to 200MWp, and will increase its renewables portfolio by a third to a total of 432MW.

Moreover, it is currently seeking to secure a power purchase agreement for the Greco project before it is completed.

In 2020, Aquila entered the solar PV market in Portugal with its first acquisition of projects with a 20MWp capacity and last year acquired a 50% in a 60MWp plant in the Alentejo region.

Read Next

May 6, 2022
German renewables company BayWa r.e. will tender 10TWh of green electricity later this year, describing the move as a “turning point” for Europe’s power purchase agreement (PPA) market.
May 6, 2022
The European Union (EU) should set higher solar PV deployment targets and speed up the energy transition to phase out its energy dependency on Russia as soon as possible, according to five member states of the bloc.
May 5, 2022
German conglomerate BayWa benefited from high demand for solar modules during the first quarter of 2022, with its revenues bolstered by the sale of an operational PV plant in the US.
April 26, 2022
Independent power producer (IPP) Fu-Gen has secured €320 million (US$342 million) in financing for renewables, battery storage and green hydrogen projects across Europe.
April 25, 2022
Independent onshore renewables firm Ventient Energy has completed the acquisition of 240MW of solar PV as part of a broader renewables portfolio.
April 20, 2022
Tech major Amazon has added 37 new renewable energy projects around the world, with a total of 3.5GW of additional power to its already 12.2GW portfolio of renewable energy.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
October 4, 2022
New York, USA