Pacifico Renewables Yield is to acquire three onshore wind farms located in northern Poland with a total capacity of almost 52MW.
The three projects were developed by the company’s strategic partner, Pacifico Energy Partners, and comprise a total of 20 turbines which all started generating electricity by the end of the first half of 2021.
The trio are expected to produce approximately 191 gigawatt-hours of electricity a year which will be marketed through a combination of a 15-year inflation-linked Contract for Difference, three-year fixed price power purchase agreements and electricity sales on the market.
Once the transaction closes, Pacifico Renewables Yield’s portfolio growth will amount to 75 MW year-to-date.
The acquisition represents the company’s third transaction in 2021.
The projects have a cash-free enterprise value of approximately €104m.
Pacifico Renewables Yield co-chief executive Christoph Strasser said: “This landmark acquisition is an important step towards our goal to grow our portfolio to 400MW by 2023.
“It furthermore demonstrates our ability to acquire attractive assets from our network of partnerships with project developers in a tailored transaction.”
Pacifico Renewables Yield co-chief executive Martin Siddiqui said: “This acquisition is not only about growth, but also shows our commitment to grow our portfolio with assets that add to the geographical diversification of our portfolio, benefit from contracted revenues but also provide additional upside.
“For instance, this project on the one hand benefits from a contracted revenue base and hedged interest rates and on the other hand provides upside potential from an inflation-link and merchant price exposure.”
The agreement is subject to customary closing conditions and successful financing.
Part of the purchase price is deferred until certain land rights have been successfully extended to cover the full technical lifetime.