German company Greencells has bought five solar farms totalling 233MW that are under development in southern Sardinia, Italy.
The company said ready-to-build status with accompanying building permits are expected to be achieved in the first half of 2023.
The five new projects are part of a cluster comprising a total of up to 15 projects with a combined capacity of up to 790MW.
Greencells plans to acquire the outstanding 557MW, subject to thorough due diligence.
The 233MW brings its secured development as well as EPC and O&M portfolio in Italy to a total of 876MW.
No details on the price of the deal were given.
Greencells chief executive Andreas Hoffmann said: “This transaction strengthens our position as one of the leading co-developers and EPC service providers in Italy, one of the most attractive energy markets in Europe.
“Our already secured portfolio will play an important role in our transformation from a third-party EPC company to a highly profitable, integrated platform for the development, financing and efficient implementation of solar projects in core European markets and attractive global target markets.
“Our new highly profitable projects are meeting strong demand due to regional climate targets in Sardinia.
“In addition, we expect a yield of at least 1,900kWh/kWp, which is a peak value in Europe. Italy has a highly developed attractive PPA market as well as an adequate electricity price level and, like Germany, opted for a rapid coal phase-out – optimal conditions for solar power plants.”