Aquila fund to get 30MW Spanish solar farm
- Tiza project is located in Almerían and has actually currently started producing electrical power
Aquila European Renewables Income Fund (AERIF) is to acquire the functional 30MW Tiza solar farm in Spain for an unrevealed price.
The bargain is anticipated to nearby the third quarter of this year.
Tiza lies in the Almería region, in the south of Spain, which takes advantage of appealing solar irradiation yields, AERIF said.
Construction was recently finished and also the project has actually currently begun generating electricity as well as producing income, benefiting from existing high power prices observed in Iberia, the fund said.
Tiza will enhance AERIF's total solar PV portfolio generation capacity to 230MW.
AERIF anticipates to fund the purchase utilizing its present excess liquidity, which is approximately EUR130m, making up existing cash handy plus the existing revolving credit facility, which is presently undrawn and also matures in April 2023.
Closing is subject to provisionary approval of the plant-- based on the existing engineering, procurement as well as construction contract-- revolving credit facility lending institution approval, signing of a power purchase agreement and also various other problems.
Under the sale as well as acquisition agreement, AERIF is qualified to all economic profits generated by the asset up until closing and also this will be mirrored as a post-closing adjustment to the acquisition price.
