Powertis, Aquila Capital to co-develop 421MW of solar PV and 90MW of energy storage in Italy

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The companies have exceeded their target of agreeing to co-developing 750MW of solar project in Italy. Image: Powertis.

Spanish solar company Soltec Power Holdings, through its subsidiary Powertis, has sold a controlling stake in 421MW of its solar PV projects and 90MW of energy storage in Italy to German investment firm Aquila Capital under a co-development agreement.

Aquila has acquired a 51% stake in a portfolio of 15 solar PV projects as part of the deal, with Powertis retaining 49%. However, the agreement includes an option for Aquila to acquire the remaining stake from Powertis once the projects reach “ready-to-build stage or at their commercial operation date”.

In line with previous arrangements between the two companies, Soltec Power Holdings has been granted certain rights over the supply of solar trackers used in the projects, as well as contracts for the projects’ construction works.

The transfer means that Powertis and Aquila have exceeded the target set when the pair penned an agreement last year to co-develop up to 750MW of solar projects in Italy under the 49%/51% ownership system.

“Italy is a very important market for Powertis, where we expect to continue to boost our presence and consolidate our position as a key developer in the country,” said Pablo Otín, CEO of Powertis.

“With this transaction, we are taking a further important step for our investment strategy in Italy, a key market in southern Europe with extensive potential for renewable energy,” said Roman Rosslenbroich, CEO and co-founder of Aquila Capital, which floated on the London Stock Exchange in 2019 in order to pursue large-scale European renewable projects.

Read Next

May 19, 2022
German asset manager KGAL Investment Management has acquired a majority stake in Italian renewables developer Baltex Progetti through its fund KGAL ESPF 5.
May 10, 2022
Cero Generation, a solar portfolio company of Macquarie’s Green Investment Group (GIG), has closed financing on its first corporate power purchase agreement (PPA)-enabled agrivoltaic project in Italy.
April 7, 2022
German investment firm Aquila Capital and South Korean renewable developer TopInfra have established a joint venture (JV) to develop solar PV, wind and battery energy storage system (BESS) projects in South Korea.
April 1, 2022
Enel Green Power (EGP) has signed a grant agreement with the European Commission for a 3GW PV module plant in Catania, Italy, with an R&D commitment to pursue tandem cell production in the coming years.
March 25, 2022
Italian grid operator Terna will invest €9.5 billion (US$10.45 billion) to help improve the country's national transmission grid and build cross-border interconnections, paving the way for easier access for renewables.
March 16, 2022
Italian independent power producer (IPP) ERG will scale up its European PV portfolio as it aims to almost double its installed renewables capacity in the next five years.

Subscribe to Newsletter

Upcoming Events

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