Aquila European Renewables strikes five-year solar PPA in Spain

London-listed Aquila European Renewables Income Fund plc (LON:AERS) has signed a five-year power purchase agreement (PPA) with Statkraft Markets GmbH for a 50-MWp solar project in Spain, which represents half of the Greco solar portfolio.

The fund said today its investment adviser, Aquila Capital Investmentgesellschaft mbH, has secured the pay-as-produced PPA at an “attractive”, undisclosed price, while hedging 70% of P50 production.

The contract is for the Jaen project, which is part of the 100-MWp Greco portfolio in Spain’s Andalusia region. Aquila European Renewables acquired the portfolio in March and it is currently under construction. Jaen is expected to be completed in late 2022 or early 2023.

According to the announcement, Aquila Capital Investmentgesellschaft will continue to study PPA opportunities for the second project in the portfolio ahead of its expected completion in the second quarter of 2023. This project is called Guillena and is also of 50 MWp.

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