Aquila Capital has formalised the acquisition of 51% stakes in 421MW of solar projects under development in Italy from Soltec Power Holdings’ subsidiary Powertis for an undisclosed price.
The agreement also contemplates the co-development of an additional 90MW for energy storage in the country.
The deal covers 15 solar farms of which Powertis will retain 49% stakes, but with a purchase option for Aquila Capital that may be exercised either at the ‘ready to build’ or at the commercial operation date.
Prior to this transaction, Powertis had already transferred an additional 772MW to Aquila Capital, reaching a total in co-development of 1193MW in Italy, to which is added 90 MW for energy storage.
The total number of rotated MW has exceeded the target set by both companies in their framework agreement, which initially contemplated the joint development of 750MW in the country.
The agreement guarantees the industrial business of Soltec Power Holdings certain rights over the supply of the solar trackers used for the projects, as well as the contracting of the construction work of the projects.
Powertis chief executive Pablo Otin said: “This new agreement with Aquila Capital reflects the good progress of the projects under development in the country, and our positioning as one of the main developers in the region.
“It is also a sign of the trust placed in us by Aquila Capital, after the good evolution of previous collaborations.
“In 2021 we finished the year exceeding the objectives that we had initially set for ourselves in Italy.
“Italy is a very relevant market for Powertis in which we hope to continue boosting our presence and consolidate ourselves as a key developer in the country.”
Aquila Capital chief executive and co-founder Roman Rosslenbroich said: “With this operation, we are taking an important step in our investment strategy in Italy, a key market in southern Europe with great potential for renewable energy.
“We are also very pleased to strengthen our strategic partnership with Soltec Power Holdings and Powertis, through this cooperation agreement.
“The parties involved in this agreement provide complementary skills and experiences, constituting a solid base to carry out such an important pipeline of photovoltaic projects.”