Enlight gets 490MW Spanish solar

Aug 3, 2021 10:34 PM ET
  • Portfolio consists of 10 projects in Andalucían and also Valencia that will happen over a two-year period
Enlight gets 490MW Spanish solar
Image: Unsplash/Gabriel

Enlight has signed an agreement to acquire a portfolio of solar energy projects under development in Spain that amount to 490MW (DC).

The portfolio comprises 10 projects in 2 areas, Andalucían and Valencia, which supplements the area of various other projects Enlight is building as well as creating in the Castilla La Mancha region.

The projects are held via special objective firms, which at this stage hold the majority of the rights to the land for building of the projects as well as the authorizations to connect to the power grid.

The seller is an affiliate of personal investment fund Cerberus Capital Management.

The growth of the projects is being accomplished by Renovalia Energy Group SLU, as part of the existing advancement agreement.

The consideration will certainly be paid according to landmarks based on the development of the projects, with most of the consideration being paid upon completion of the growth as well as besides the licenses for building and construction of the projects have been obtained.

The typical factor to consider upon completion of the advancement is anticipated to get to EUR85,000-100,000 per MW (DC), relying on materialisation of the different parameters of the various projects.

According to the agreements in between the parties, the seller will certainly continue to birth the advancement prices and warranties for connection to the grid upon completion of advancement.

Enlight will then give the assurances for link to the grid and will certainly compensate the vendor for specific costs just, such as land prices and also connection prices, as well as only for the projects for which advancement is efficiently finished.

Enlight quotes that the portfolio of projects will certainly happen over a two-year period.

In the US Enlight has completed the purchase of 90.1% of the holdings in Clenera, a solar and also storage space developer.

Clenera is advertising a growth portfolio throughout 20 states in the United States.

The advancement stockpile included in the deal makes up 50 large-scale solar projects in different phases of advancement with a capacity of 12GW (DC) including projects that integrate energy storage space of 5.5 GWh.