Allianz Capital Partners has acquired the operational 46MW Ourika solar farm in Portugal from WElink Energy for an undisclosed price.
The subsidy-free project was built by WElink partner China Triumph International Engineering Company. It is backed by a 20-year power purchase agreement with an unnamed counterparty.
WElink Group chief executive Barry O’Neill said: “This agreement represents an important strategic milestone for WElink Energy. We are extremely pleased to close this transaction with Allianz Capital Partners given their investment heritage in renewables and their future growth ambitions.
“It cements WElink Energy’s transition to becoming a leading international power producer. Ourika will be followed by the Solara4 220MW plant due to be completed in Q3 2019.”
Allianz Capital Partners head of renewables Marc Groves-Raines said: “We are delighted to partner with the experienced developer WElink Energy on this project, which is our first investment in a solar project in Portugal.
“Ourika is a very valuable environmental, social, governance conform addition to our climate-friendly portfolio, which now exceeds 90 solar farms and wind parks.
“This investment proves the importance of renewable energies for the investment portfolio of Allianz being one of the leading European investors in this sector. We hope to invest in more subsidy free solar projects across many European markets in the future.”
Ourika was inaugurated (pictured) in August.