Enlight has signed an agreement to acquire a portfolio of solar energy projects under development in Spain that total 490MW (DC).
The portfolio comprises 10 projects in two regions, Andalucía and Valencia, which supplements the location of other projects Enlight is building and developing in the Castilla La Mancha region.
The projects are held through special purpose companies, which at this stage hold most of the rights to the land for construction of the projects and the approvals to connect to the electricity grid.
The seller is an affiliate of private investment fund Cerberus Capital Management.
The development of the projects is being carried out by Renovalia Energy Group SLU, as part of the existing development agreement.
The consideration will be paid according to milestones based on the development of the projects, with most of the consideration being paid upon completion of the development and after all the permits for construction of the projects have been obtained.
The average consideration upon completion of the development is expected to reach €85,000-100,000 per MW (DC), depending on materialisation of the various parameters of the different projects.
According to the agreements between the parties, the seller will continue to bear the development costs and guarantees for connection to the grid upon completion of development.
Enlight will then provide the guarantees for connection to the grid and will reimburse the seller for specific expenses only, such as land costs and connection costs, and only for the projects for which development is successfully completed.
Enlight estimates that the portfolio of projects will materialise over a two-year period.
In the US Enlight has completed the acquisition of 90.1% of the holdings in Clenera, a solar and storage developer.
Clenera is promoting a development portfolio across 20 states in the US.
The development backlog included in the transaction comprises 50 large-scale solar projects in various stages of development with a capacity of 12GW (DC) including projects that combine energy storage of 5.5GWh.