March 25 (Renewables Now) – London-listed funding agency Aquila European Renewables Earnings Fund plc (LON:AERS), or AERIF, stated at the moment it has struck a deal to accumulate a 100-MWp portfolio of photo voltaic tasks being inbuilt Spain’s Andalusia area.
The so-called Greco portfolio consists of two photovoltaic (PV) parks with deliberate commissioning late this yr. All main tools has been delivered on the web site and development is ongoing, Aquila stated. It famous, nevertheless, the completion is topic to receiving sure licenses and permits from native authorities.
The funding agency pays an upfront consideration as soon as the acquisition is closed, anticipated to happen “shortly,” and roughly EUR 90 million (USD 99.3m) upon the undertaking completion. It didn’t present the overall quantity of its funding however stated an earn-out mechanism will probably be utilized.
As soon as up and operating, the 2 photo voltaic farms are anticipated to generate 184 GWh of electrical energy yearly. As soon as in operation, the portfolio will develop AERIF’s whole technology capability to 432 MW, of which 200 MWp will probably be photo voltaic.
Aquila Capital Investmentgesellschaft mbH, AERIF’s funding advisor, will search to safe an influence buy settlement (PPA) for the Greco property earlier than their commissioning.
(EUR 1.0 = USD 1.103)