Aquila expands Portuguese solar portfolio

• Transaction for a 50% share in the 60MW operating property Ourique is anticipated to shut this month

Aquila European Renewables Income Fund has entered into an agreement to acquire 50% of the equity in a 60MW solar farm in Portugal.

The transaction for a share in the unlevered operating property Ourique is expected to close in April 2021.

Ourique is located in Alentejo, Portugal as well as began procedures in December 2019.

Its power rate bushes cover 100% of the produced energy till March 2026.

Upon conclusion of the acquisition of Ourique, Aquila will certainly have committed 92% of the funding elevated to day in a mix of operating and building and construction assets in 6 European countries.

Together with the various other solar projects Benfica 3 and Albeniz, Ourique adds to the innovation diversity targets of Aquila and enhances the fund's visibility on the Iberian Peninsula.

Ian Nolan, chairman, stated: "We are pleased to introduce that we have actually committed nearly all of the equity elevated in October 2020 within 5 months.

" Ourique will certainly add to reducing Europe's carbon impact, as well as it better expands our innovation mix."