ERG adds 149MW solar farm to Spanish portfolio

May 5, 2023 11:26 AM ET
  • The plant is anticipated to get to industrial operation by the end of this year
ERG adds 149MW solar farm to Spanish portfolio

ERG has actually gotten a 100% stake in Garnacha Solar, the proprietor of a 149MWp solar project situated in Castilla and Leon, Spain.

The farm is presently in an advanced phase of building and construction as well as is anticipated to reach business procedure by the end of 2023.

The Garnacha solar power farm, geared up with latest-generation bifacial panels and also tracker system, will certainly have a load variable of around 22% and also an estimated total annual production of around 280GWh.

70% of the power generated by the plant will certainly gain from a 12-year pay-as-produced power purchase contract (PPA) with a top corporate equivalent.

The value of the transaction in terms of venture value is EUR170m, with an equity value of EUR80.5 m euros. The transaction is expected to close by the third quarter of 2023.

Paolo Merli, ERG CHIEF EXECUTIVE OFFICER, commented: "The acquisition of the Garnacha solar power plant, the biggest in terms of capacity in the group's eco-friendly portfolio, settle our visibility in Spain where we will reach 266MWp of installed capacity by the end of the year, with over 1 GW of under advancement solar pipe.

" With this transaction, ERG attains a crucial positioning in the country, with possible future commercial synergies, as part of the geographical and also technical diversity procedure envisaged in the 2022-2026 Business Plan."

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