- Press Releases
April 12 (Renewables Now) - Ireland-based independent power producer (IPP) Alternus Energy Group Plc (OSE:ALT) said today that it has signed definitive agreements to acquire seven solar projects totalling 228 MW in Spain.
“An established Spanish developer” is selling the portfolio, which contains projects currently at mid-stage development. Under the binding arrangement, Alternus will acquire the projects when they reach the ready-to-build (RTB) status. This is expected to occur during the second and the third quarter of 2023, depending on permitting and suitable grid connection conditions, the Oslo-listed IPP said.
The Spanish developer will assume all activities and costs of progressing the projects prior to closing. Alternus expects to fully fund the acquisition and installation costs from debt facilities provided at project level, it said.
Alternus tasked its EPC subsidiary, Unisun Energy BV, with the solar farm installation, while its O&M unit Uper Energy BV will provide operations and maintenance services.
The solar farms are expected to reach commercial operation date during 2024.
The acquisition will boost Alternus’ pipeline in Spain to 263 MW of projects. Last year, the company acquired the 35-MW Totana solar development, which is expected to reach RTB in the fourth quarter of 2023.
“Spain has one of the most mature solar markets in Europe with a high level of merchant and PPA projects offering several routes to market for this portfolio and future projects. We look forward to progressing our pipeline of 263MW in Spain to energisation and contributing to the ambitious Spanish solar targets,” commented CEO Vincent Browne.