Aquila takes over Powertis' majority stake in 772 MW of PV projects in Italy
Soltec's PV plant. Image by Soltec (soltecpowerholdings.com)
Spanish solar energy developer Powertis SAU has wrapped up the sale of a 51% stake it held in 772 MW of solar PV projects in Italy to German investment manager Aquila Capital.
With this transaction, which originated in December 2020, Powertis and Aquila Capital finalise and exceed the target of their agreement to jointly develop 750 MW of solar projects in Italy.
The news of the final stake sale was announced on Tuesday by the parent company of Powertis, Spanish solar trackers maker Soltec Power Holdings SA (BME:SOL).
Under the terms of the joint development agreement, Powertis was to sell 51% of the equity in the projects to Aquila, keep the remaining 49% for itself and continue working on the portfolio development.
The first transaction executed under the agreement happened in late December 2020 when Powertis transferred the majority ownership in ten special purpose vehicles (SPVs) holding ten solar projects totalling 249 MW to Aquila.
Throughout 2021, the Spanish firm sold the majority stake in 523 MW of projects, exceeding the initial 750-MW target set by the parties, Soltec said without disclosing the financial terms.
Other conditions in the agreement have remained unchanged. Aquila still has the purchase option to acquire the remaining 49% once the projects reach either ready-to-build (RTB) stage of commercial operation (COD) date.
Soltec’s trackers manufacturing division has been given certain rights to supply solar trackers for the projects, and is guaranteed a role in the design and construction works as specified in the original agreement, Soltec said.
At the end of the first semester of 2021, Powertis’ total pipeline reached 7.1 GW, with 1.6 GW of these projects set in Italy, its parent group added.
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