Aquila European Renewables gets in Spain with 50-MWp solar buy

• Aquila European Renewables Income Fund plc claimed today it has actually accepted buy a 50-MWp solar project in the South of Spain.

The offer concerns the purchase of a 100% interest in the Albeniz project as well as a risk in a shared substation. It will mark the mutual fund's very first acquisition in Spain, it said in a bourse declaring, including that its estimated resources commitment will represent around 35% of its existing cash accessible at the fund level.

The deal will be structured as an unlevered investment. "This purchase will make an excellent enhancement to the portfolio, providing additional diversification for capitalists in terms of innovation as well as geographic mix," claimed Christine Brockwell, head of partnerships & portfolio management at Aquila Capital.

The completion of the share acquisition contract goes through problems, amongst which is the start of building and construction activities and also protecting a power purchase agreement (PPA). If those are met, the offer is attended be finalised late this month.

A fixed-price design, procurement and also construction (EPC) agreement is already in place and also building tasks are expected to start "quickly," Auila stated. The solar park is planned to go online at the end of 2021.