March 19 (Renewables Now) - Investment company Aquila Capital has purchased a portfolio of project rights for over 700 MW of fresh wind and solar power capacity in Spain, it was announced on Monday.
The specific portfolio consists of more than 400 MW of onshore wind projects and 300 MW of solar photovoltaic (PV) schemes, the construction of which is slated to begin by the end of this year. The plants are expected to be commissioned by 2021.
Aquila Capital will sign long-term power purchase agreements (PPAs) for the sale of their output. In its press release, the investment manager noted that environmental factors and falling technology costs are now facilitating the installation of renewable infrastructure capacity without using state subsidies.
The acquisition will see Aquila Capital boost its project portfolio on the Iberian Peninsula to over 1 GW. Commenting on the market there, its co-founder and CEO Roman Rosslenbroich said: “To us, Spain and Portugal are key locations for our institutional investors and we intend to further expand our operations in the area.”