Aquila shuts buy of 50-MWp Spanish solar project

• Aquila European Renewables Income Fund plc (LON: AERS) has wrapped up the acquisition of its very first solar asset in Spain, the 50-MWp Albeniz project.

The UK investment fund, with its subsidiary Tesseract Holdings Ltd, has ended up being the single owner of the details photovoltaic project. The worth of the acquisition was not offered in Aquila's news release on Thursday.

To be set up in the South of Spain, the Albeniz photovoltaic (PV) park is expected to be finished by the end of following year. A fixed-price design, purchase and also building and construction (EPC) agreement is currently in position as well as building tasks are expected to begin "soon," Aquila said previously in December.

The project has in location a fixed-price power acquisition contract (PPA) that will cover 60% of its P50 outcome for five years.

As previously announced, the deal consisted of the acquisition of a 100% passion in the Albeniz project and a risk in a shared substation.