Aquila European Renewables has begun commercial operations at a 50MW solar farm in southern Spain.
Jaén is one of two assets located in southern Spain which belong to the Greco portfolio, which was fully acquired by Aquila in March 2022.
Following completion of Jaén, the company has paid €42.5m to the developer, representing 95% of the total deferred consideration amount due for Jaén under the existing sale and purchase agreement.
The remaining 5% of the Jaén deferred consideration is expected to be paid by the end of the first quarter of 2023.
As announced in October 2022, Jaén entered into a five year pay-as-produced PPA with Statkraft Markets, whilst hedging 70% of P50 production.
Following the completion of construction assets Jaén, Albeniz and The Rock, as well as the acquisition of Tiza in 2022, Aquila has added approximately 185MW in operating assets to the portfolio, increasing total operating capacity by 81% (compared to 2021) to approximately 413MW.
In addition to the completion of Jaén, a seven year pay-as-produced PPA has been secured for Aquila’s 50MW Guillena solar project also located in southern Spain, representing the second asset within the Greco portfolio.
Like Jaén, the PPA was signed with Statkraft Markets at an attractive price, whilst hedging 60% of P50 production.