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”.
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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.