Powertis completes deal with Aquila Capital with the transfer of 772 MW in Italy
- Powertis has signed a new project transfer to Aquila, bringing the total to 772 MW and completing the agreement signed in 2020.
- The company has exceeded its initial target for the joint development of up to 750 MW.
- Powertis has 1.6 GW of projects under development in Italy at the end of June.
Powertis, a Spanish company dedicated to the development of solar photovoltaic projects belonging to Soltec Power Holdings, has completed the agreement signed with Aquila Capital in December 2020 for the joint development of solar photovoltaic projects in Italy.
Over the course of 2021, Powertis has formalised the transfer to Aquila of a total of 523 MW, which, added to the 249 MW that the company transferred in December 2020, brings the total to 772 MW.
The rotated projects exceed the initial target set by both companies for the development of up to 750 MW in the country.
As detailed in the agreement, through the project transfer, Aquila acquires 51% of the equity in the projects, while 49% remains in the hands of Powertis. Aquila has also entered into a call option for the remaining 49% which can be exercised either at RTB ('ready to build') or COD ('commercial operation date').
The transferred project portfolio is being developed by Powertis and the agreement provides Soltec with certain rights over the supply of the solar trackers to be used in the projects, as well as guaranteeing the contracting of the design and construction works (EPC) of the projects to the Murcian company.
With this new milestone, Powertis consolidates its position in the Italian market. The company's total pipeline amounted to 7.1 GW at the end of the first half of 2021, of which 1.6 GW corresponds to projects in Italy.
Powertis is a company dedicated to the development of photovoltaic energy projects. Powertis is currently present in Spain, Italy, Brazil, Denmark, Colombia and the United States. Founded in 2018, it belongs to the Soltec Power Holdings group and its objective is the solar development under the values of efficiency, excellence, respect for the environment, as well as ensuring the full integration of local communities, through the creation of employment in the development, structuring, financing, construction, operation and maintenance of the plants.