Powertis extends agreement with Aquila Capital for the transfer of an additional 421 MW in Italy
- The agreement also provides for the transfer of an additional 90 MW for energy storage.
- The deal is in addition to the 772 MW that Soltec Power Holdings has rotated over the course of 2021 to Aquila Capital in Italy.
Soltec Power Holdings, through its subsidiary Powertis, and Aquila Capital, an investment and asset development company, have formalised the transfer of 421 MW of solar PV projects under development in Italy. The agreement also includes the co-development of an additional 90 MW of energy storage in Italy.
The signed contract formalises the transfer of a block of 15 SPVs, amounting to 421 MW, whereby Aquila Capital acquires 51% of them and 49% remains in the hands of Powertis, subject to a call option by Aquila Capital that can be exercised either at the Ready to Build (RTB) or Commercial Operation Date (COD).
Prior to this transaction, Powertis had already transferred an additional 772 MW to Aquila Capital, bringing the total under co-development to 1,193 MW in Italy, plus 90 MW for energy storage.
The total number of MW rotated has exceeded the target set by both companies in their framework agreement, which initially envisaged the joint development of 750 MW in the country.
The agreement announced today, in line with previous transactions, grants Soltec Power Holdings' industrial business certain rights over the supply of the solar trackers to be used for the projects, as well as the contracting of the construction work for the projects (EPC).
As stated by Pablo Otín, CEO of Powertis:
"This new agreement with Aquila Capital reflects the good progress of the projects under development in the country, and our positioning as one of the leading developers in the region. It is also a sign of the trust placed in us by Aquila Capital, following the good performance of previous collaborations. In 2021, we ended the year exceeding the targets we had initially set for ourselves in Italy. Italy is a very important market for Powertis in which we hope to continue to boost our presence and consolidate our position as a key developer in the country.".
Roman Rosslenbroich, CEO and co-founder of Aquila Capital explained that:
"With this transaction, we are taking an important step in our investment strategy in Italy, a key market in Southern Europe with great potential for renewable energy. We are also very pleased to strengthen our strategic partnership with Soltec Power Holdings and Powertis through this cooperation agreement. The parties involved in this agreement bring complementary skills and experience, forming a solid basis for realising such an important pipeline of photovoltaic projects.".
With this new milestone, Powertis consolidates its position in the Italian market. Soltec's development division reached a total pipeline of 9.1 GW at the end of the third quarter of 2021, of which 2.4 GW are projects in Italy. Aquila Capital also reinforces its growth strategy in the country, reaching a total of approximately 2 GW of solar PV projects under development.