Aquila European Renewables, the London-listed investment company advised by Aquila Capital Investmentgesellschaft, has completed its 50MWp Guillena solar PV asset has completed construction and is now operational in Spain.
Guillena is one of two assets located in southern Spain which belongs to the Greco portfolio, acquired in March 2022.
The other asset, Jaén, was the first asset within the Greco portfolio to finish construction and has been operational since November 2022.
The majority of the deferred consideration, equivalent to approximately €45m under the sale and purchase agreement for Guillena is expected to be paid in Q2 2023.
The payment is expected to be financed under the company’s revolving credit facility.
Based on the Q4 2022 Net Asset Value, completion of Guillena will increase the company’s total gearing level to approximately 31.0% on a pro forma basis.
As announced in December 2022, Guillena entered into a seven year pay-as-produced PPA at an attractive price with Statkraft Markets, while hedging 60% of P50 production.
Following completion of Guillena, the company’s portfolio is now fully operational and the operating capacity has increased to approximately 464MW.