Alternus Energy has signed agreements to acquire 228MW of Spanish solar projects bringing its pipeline in Spain to 260MW.
The independent power producer has completed definitive agreements to acquire seven solar projects from an unnamed “established” Spanish developer.
Alternus has executed a binding purchase agreement to acquire the projects at ready-to-build (RTB) status.
At present the projects are at mid-stage development and are anticipated to reach RTB status during the second and third quarters of 2023 subject to permitting and suitable grid connection conditions.
The developer will be responsible for all activities and costs to achieve these milestones prior to closing.
The projects are estimated to achieve commercial operation date during 2024.
Given the strong positive and predictable cashflows from these projects over the long term, Alternus expects to fully fund the acquisition and installation costs from debt facilities provided at project level.
Alternus’ EPC subsidiary, Unisun Energy, will install the projects and operations and maintenance (O&M) subsidiary, Uper Energy will provide O&M services.
These projects add to the 35MW Totana solar park acquired by Alternus last year bringing the Company’s Spanish pipeline to 263MW.
The Totana project is expected to reach RTB in the fourth quarter of 2023.
Alternus chief executive Vincent Browne said: “This acquisition once again demonstrates our successful local partnership business model that underpins our growth.
“Spain has one of the most mature solar markets in Europe with a high level of merchant and PPA projects offering several routes to market for this portfolio and future projects.
“We look forward to progressing our pipeline of 263MW in Spain to energisation and contributing to the ambitious Spanish solar targets.”