German firm acquires 233MW Sardinian solar

• Greencells acquires five projects expected to achieve ready-to-build status in the very first half of this year

German company Greencells has purchased 5 solar farms totalling 233MW that are under development in southern Sardinia, Italy.

The company claimed ready-to-build status with coming with building permits are expected to be achieved in the initial half of 2023.

The five new projects belong to a cluster comprising an overall of as much as 15 projects with an integrated capacity of approximately 790MW.

Greencells plans to acquire the superior 557MW, based on thorough due persistance.

The 233MW brings its guaranteed development as well as EPC as well as O&M portfolio in Italy to a total amount of 876MW.

No information on the price of the deal were offered.

Greencells president Andreas Hoffmann stated: "This purchase reinforces our position as one of the leading co-developers as well as EPC service providers in Italy, one of the most attractive power markets in Europe.

" Our currently safeguarded portfolio will certainly play an essential role in our improvement from a third-party EPC company to a highly profitable, incorporated platform for the advancement, financing as well as effective execution of solar projects in core European markets and eye-catching worldwide target audience.

" Our brand-new very profitable projects are satisfying strong demand due to regional climate targets in Sardinia.

" In addition, we expect a yield of at the very least 1,900 kWh/kWp, which is a peak value in Europe. Italy has a very established appealing PPA market as well as an adequate electricity price level and also, like Germany, went with a rapid coal phase-out-- optimal conditions for solar power plants."