Aquila European Renewables Income Fund (AERIF) has secured a power purchase agreement for part of its Greco solar PV portfolio.
Located in Andalucia, Spain, the 100MWp Greco project consists of two solar PV facilities, Jaen and Guillena, each with a nominal capacity of 50MWp.
In coordination with AERIF’s investment adviser, Aquila Capital Investmentgesellschaft’s, Markets Management Group, the Jaen facility has entered into a five-year pay-as-produced PPA with Statkraft Markets at an attractive price, whilst hedging 70% of P50 production.
The pricing terms remain confidential.
The company acquired a 100% interest in the Greco portfolio in March 2022.
The portfolio is currently under construction, with Jaen expected to complete construction between late 2022 and early 2023, whilst completion of Guillena is expected during the second quarter of 2023.
The investment adviser will continue to explore PPA opportunities for Guillena in advance of its completion.