Powertis, Aquila to co-develop 421 MW of PV, 90 MW of storage in Italy

• Spanish solar power developer Powertis SAU has sold its majority ownership over 421 MW of solar PV as well as 90 MW of power storage projects in Italy to German financial investment administration company Aquila Capital, expanding their partnership in the nation.

The celebrations executed an agreement under which Aquila got a 51% risk in the projects, with the Spanish firm maintaining the staying 49%, solar trackers maker Soltec Power Holdings SA (BME: SOL), the parent company of Powertis, introduced on Wednesday.

Aquila likewise signed the alternative to obtain the 49% interest from Powertis once the projects reach the ready-to-build stage or at their business operation date (COD).

Soltec's trackers manufacturing department was assured certain civil liberties regarding the supply of solar trackers for the projects and EPC having work.

Financial information were kept under covers.

The latest deal builds on the agreement that Soltec via Powertis and also Aquila shut a year earlier, seeking to co-develop as much as 750 MW of solar projects in Italy under the 49/51 possession structure.

Over the course of 2021, their arrangement widened to consist of the co-development of 772 MW of projects, while other terms remained unmodified.