The portfolio involved in the transaction comprises 15 solar power plants that are currently under development
Soltec Power has agreed to divest a stake of 51% in a 421MW solar photovoltaic (PV) portfolio in Italy to Aquila Capital, a German investment management company, for an undisclosed price.
The Spanish renewable energy developer will undertake the deal through its business development division, Powertis.
As per the terms of the agreement, Aquila Capital has a call option which it can exercise at the ready to build (RTB) stage or commercial operation date (COD).
The portfolio involved in the deal is made up of 15 solar power plants that are currently under development.
Apart from that, Soltec Power and Aquila Capital have agreed to co-develop 90MW of energy storage in Italy.
Aquila Capital CEO and co-founder Roman Rosslenbroich said: “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. We are also very pleased to strengthen our strategic partnership with Soltec Power Holdings and Powertis through this joint venture.
“The parties involved in this partnership contribute complementary competencies and experiences, creating a strong setup for realizing such a significant PV pipeline”.
In October 2021, Powertis had transferred 772MW of solar PV plants in Italy to Aquila Capital. The companies have now taken the total capacity under co-development to 1.19GW in Italy along with 90MW for energy storage.
The latest agreement, in line with the earlier one, gives certain rights to the industrial business of Soltec Power over the supply of solar trackers to be used for the Italian projects, as well as contracts for their construction.
Powertis CEO Pablo Otín said: “This new agreement with Aquila Capital reflects the solid progress of the projects under development in the country, and our position as one of the leading developers in the region. It is also a sign of the trust placed in us by Aquila Capital, following the excellent performance of previous collaborations.
“In 2021, we ended the year exceeding the targets we had initially set for ourselves in Italy. 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.”
Powertis has a total pipeline of 9.1GW of solar power plants at the end of Q3 2021, of which 2.4GW are projects located across Italy.