Solar panels
Source: Andreas Gücklhorn @ Unsplash
Aquila Capital, the alternative investments subsidiary of the Aquila Group,has purchased a wind and solar power portfolio with a capacity of over 77 MW in Spain, vastly expanding their presence in the Iberian peninsula to a full capacity of more than one gigawatt.
The purchase includes over 400 MW of wind and 300 MW of photovoltaic developments. Construction is slated to start at the end of 2019 with the plants expected to be connected to the national grid by 2021.
For the sale of the plants' output, Aquila Capital will sign long-term Power Purchase Agreements (PPAs) with buyers to secure revenues.
Financial details of the acquisition have not been divulged.
Roman Rosslenbroich, Aquila Capital co-founder and CEO, said: “This successful transaction underlines the importance of the Iberian Peninsula for investments in European renewable energy infrastructure. In this region alone, investors are able to diversify across solar, wind and hydro. To us, Spain and Portugal are key locations for our institutional investors and we intend to further expand our operations in the area.”
Aquila entered the Iberian market in 2017 with the purchase of a photovoltaic project portfolio in Portugal.
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