Aquila begins procedures at 50MW Spanish solar plant

• Jaén is among two assets located in southerly Spain which come from the Greco portfolio obtained in March

Aquila European Renewables has begun commercial procedures at a 50MW solar farm in southerly Spain.

Jaén is just one of two assets located in southern Spain which belong to the Greco portfolio, which was fully acquired by Aquila in March 2022.

Following completion of Jaén, the company has paid EUR42.5 m to the programmer, standing for 95% of the total deferred factor to consider amount due for Jaén under the existing sale and purchase agreement.

The continuing to be 5% of the Jaén deferred consideration is expected to be paid by the end of the initial quarter of 2023.

As announced in October 2022, Jaén participated in a 5 year pay-as-produced PPA with Statkraft Markets, whilst hedging 70% of P50 manufacturing.

Complying with the conclusion of building assets Jaén, Albeniz as well as The Rock, in addition to the acquisition of Tiza in 2022, Aquila has included around 185MW in running assets to the portfolio, raising complete operating capacity by 81% (contrasted to 2021) to approximately 413MW.

Along with the completion of Jaén, a 7 year pay-as-produced PPA has actually been secured for Aquila's 50MW Guillena solar project likewise situated in southern Spain, standing for the second asset within the Greco portfolio.

Like Jaén, the PPA was authorized with Statkraft Markets at an eye-catching price, whilst hedging 60% of P50 manufacturing.