Aquila European Renewables Income Fund (AERIF), has acquired Spanish solar PV construction project Greco through its subsidiary Tesseract Holdings.
Greco’s 100MWp portfolio consists of two assets which are located in Andalucía, in the south of Spain, which benefit from attractive solar irradiation yields.
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Construction is currently underway and completion is contingent upon the project receiving all of the requisite licences and authorisations from local authorities (incl. the grid operator) and is expected by late 2022.
Payment of the deferred consideration amount of €90m plus any potential earn-out will be due at or after project completion.