German independent power producer Encavis has signed a framework agreement with German PV developer Innovar Solar to build 160MW of solar PV in Germany.
In total nine solar plants will be built, eight of which will be located near motorways and railways or in other areas permitted by construction law for use for ground-mounted PV. However, the company has not disclosed when construction is expected to start, nor when it aims to reach commercial operation of the projects.
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All the projects will benefit from a 20-year feed-in tariff of the Renewable Energy Act, while one already signed a long-term power purchase agreement to sell electricity produced.
Mario Schirru, CIO and COO of Encavis, said: “The number of interesting projects in the market is increasing significantly again. We are very pleased about this, as we are making further progress on the path of accelerated growth and massive expansion of our capacities to a total of 8GW by 2027. Thanks to the cooperation with Innovar Solar, we are now able to significantly strengthen our project pipeline of strategic development partnerships in one of our focus markets”.
Earlier this week the company acquired a 12MW/24MWh battery storage project in Germany, set to come online in the first half of 2024, as covered by our sister site Energy-storage.news.
Moreover, for its full year report of 2022, Encavis reported a 32.6% increase in its earnings before inflation, taxes, depreciation and amortisation to €340 million (US$363.3 million).