Independent power producer Pacifico Renewables Yield has completed the acquisition of three wind farms in northern Poland with a total capacity of 52MW.
All of the electricity output from the wind farms are sold at merchant prices on the electricity market.
The corresponding continuing strong merchant revenues in the fourth quarter will partly be reflected in the Company’s 2021 financials through the consolidation as of yesterday’s closing date.
Pacifico expects that a “significant share” of the expected annual electricity production of the wind parks of approximately 191GWh will continue to be sold at merchant prices beyond 2021.
In addition, the projects benefit from a long-term and inflation-linked public support mechanism, the company stated.
Pacifico co-chief executive Christoph Strasser said: “This acquisition offers an attractive remuneration profile and inflation link of a considerable portion of expected revenues.
“This project also provides our group with additional debt capacity due to the project’s comparatively low leverage ratio.”
Following the transaction, Pacifico has raised its revenue guidance for the fiscal year 2021 from €18.6-20m to €20-22m, while electricity production is expected to be at the upper end of or slightly above the previously communicated range of 116GWh to 128GWh.
Assuming electricity prices remaining at currently elevated levels as indicated by the futures market, Pacifico said it expects to achieve total revenues for the fiscal year 2021 beyond the guidance’s mid-point.