Aquila takes 51% stake in 421MW Italian PV

• Deal formalised with Soltec Power Holdings' subsidiary Powertis covers 15 projects

Aquila Capital has formalised the acquisition of 51% stakes in 421MW of solar projects under advancement in Italy from Soltec Power Holdings' subsidiary Powertis for an unrevealed rate.

The arrangement also contemplates the co-development of an extra 90MW for energy storage in the nation.

The deal covers 15 solar farms of which Powertis will certainly preserve 49% stakes, yet with an acquisition choice for Aquila Capital that might be worked out either at the 'prepared to develop' or at the commercial operation date.

Before this purchase, Powertis had actually currently moved an extra 772MW to Aquila Capital, getting to a total amount in co-development of 1193MW in Italy, to which is included 90 MW for power storage space.

The total variety of rotated MW has surpassed the target set by both firms in their framework contract, which originally considered the joint advancement of 750MW in the country.

The arrangement assures the industrial service of Soltec Power Holdings particular rights over the supply of the solar trackers utilized for the projects, along with the contracting of the building and construction job of the projects.

Powertis president Pablo Otin claimed: "This new agreement with Aquila Capital reflects the great progress of the projects under development in the nation, and also our placing as one of the main programmers in the area.

" It is also a sign of the trust fund placed in us by Aquila Capital, after the great evolution of previous partnerships.

" In 2021 we ended up the year going beyond the objectives that we had initially set for ourselves in Italy.

" Italy is an extremely relevant market for Powertis in which we intend to continue enhancing our presence as well as consolidate ourselves as a crucial developer in the nation."

Aquila Capital chief executive and also founder Roman Rosslenbroich stated: "With this procedure, we are taking an essential step in our investment strategy in Italy, a vital market in southerly Europe with excellent possible for renewable energy.

" We are likewise really happy to enhance our strategic partnership with Soltec Power Holdings and also Powertis, through this teamwork arrangement.

" The parties involved in this contract provide complementary skills and experiences, comprising a solid base to carry out such a crucial pipeline of photovoltaic projects."