29 December 2020

Powertis signs an agreement with Aquila Capital for joint development in Italy of projects totaling up to 750 MW

  • Following the signing of the agreement, Powertis will transfer a 10-project package amounting to 249MW
  • Aquila purchases 51% of project equity, with the remaining 49% still in the hands of Powertis

Powertis, company belonging to Soltec Power Holdings and specializing in large-scale photovoltaic solar projects in Brazil, Italy and Spain, has sealed an agreement with Aquila Capital for the development in Italy of photovoltaic solar energy projects totaling up to 750 MW.

On December 29, Powertis and Aquila signed an agreement by which the former will transfer an initial 10-project package amounting to 249 MW, of which Aquila has undertaken control of 51% of the equity, whereas the remaining 49% remains in the hands of Powertis until the Ready to Build (RTB) phase or Commercial Operation Date (COD).

Aquila has also entered into a call option for the remaining 49% which can be exercised either during the “Ready to Build” (RTB) phase or on the “Commercial Operation Date” (COD).

Powertis is using state of the art technology and single-axis solar trackers to develop these projects. The agreement also ensures that Soltec Energías Renovables will secure certain rights for the supply of solar trackers for these projects, as well as the hiring of project construction and design works (EPC).

Similarly, this agreement allows Powertis to further develop its strategy of photovoltaic solar energy project growth and consolidation in Italy, and provides Soltec Industrial with the opportunity to both offer EPC and develop solar trackers for these projects.