Madrid-based electricity retailer Axpo Iberia SL has signed an 8-year power purchase agreement (PPA) to off-take the output of a 24-MWp solar photovoltaic (PV) farm planned for construction in Portugal.
The PPA was arranged with Exus Management Partners and the real assets division of US investment manager BlackRock Inc (NYSE:BLK), the Iberian unit of Swiss utility Axpo Holding AG said Thursday.
The Exus-developed project, named Planta Solar da Gloria, is located in Portugal’s district of Santarem where it will occupy some 50 hectares (123.6 acres) of land. Exus and BlackRock Real Assets have picked Portuguese specialist Efacec as engineering, procurement and construction (EPC) contractor. Efacec will also service the farm under an operations and maintenance (O&M) contract.
Once in operation, the solar farm is expected to generate more than 46 GWh per year, equivalent to an annual demand of around 11,000 households. Commissioning is scheduled to take place in the first quarter of 2020.
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