Aquila European Renewables Income Fund (AERIF) has put its 50MW Albeniz solar farm in Spain into operation.
AERIF acquired a 100% interest in the Albeniz project, in southern Spain, in December 2020.
The asset is expected to have an operating life of 30 years after commissioning.
Albeniz benefits from power purchase agreements covering 80% of P50 production with Statkraft over a term of approximately five years.
Albeniz represents the company’s largest single investment, equating to approximately 14.6% of portfolio fair value as of 31 March 2022.
Final project commissioning is contingent upon the issuance of a Provisional Acceptance Certificate and approvals from the grid operator and authorities, which are expected to be achieved by the third quarter of 2022.
Meanwhile. since finishing construction of The Rock wind farm in December 2021, works have been focused on the energisation of the turbines, which has been delayed due to adverse weather conditions and limited accessibility to the site.
Currently 65 out of 72 turbines are energised and have started producing electricity.
The remaining turbines are expected to be fully energised shortly.
Takeover was expected to take place during the second quarter of 2022 but due to unfavourable weather conditions experienced even during the summer period, Aquila Capital Investment expects takeover to take place during the third quarter of 2022.