Encavis AG (ETR:ECV) has taken possession of a 55-MW ready-to-build solar project in Spain and will be looking for additional acquisitions in the Iberian country, the German wind and solar farm operator said today.
The specific project was sold by UK-based developer Hive Energy, which will remain involved in the scheme until its completion. Financial details about the transaction were kept under wraps.
To be installed in the city of Guillena, in the southern region of Andalusia, the photovoltaic (PV) park will be capable of supplying electricity to around 28,300 homes per year. Construction works are planned to begin shortly and will be handled by Ethical Power, a company of the Hive Energy Group.
Land and grid connection for the project have already been secured. “The next step will be to acquire additional solar parks in Spain to sign an attractive joint Power Purchase Agreement (PPA),” said Mario Schirru, Chief Investment Officer and Chief Operating Officer of Encavis.
The acquisition was carried out in line with Encavis’ growth strategy and comes on the heels of deals for purchasing a 14-MW solar project in Sweden and 69.3-MW wind farm in Lithuania, both agreed earlier in November.
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