Encavis, ILOS team up on 300 MW of solar projects in Italy
The 6-MW Bolotana solar plant in Sardinia, Italy. Source: Cero Generation Limited.
German wind and solar farm operator Encavis AG (ETR:ECV) said today it has inked a framework agreement with ILOS New Energy Italy S.r.l. for the development of a solar project pipeline of up to 300 MW in Italy.
The deal gives Encavis exclusive access to ten late-stage solar projects in the country and raises the solar project pipeline of the German company's strategic development partners (SDPs) to 2.6 GW.
“With ILOS, we currently have 12 excellent Strategic Development Partners on board to drive the continued diversified expansion of our solar generation capacities in Europe and to achieve our target of a generation capacity of 3.4 GW by 2025 at the latest – or even earlier,” said Encavis chief operating officer Mario Schirru.
The solar portfolio in Italy consists of schemes with an individual capacity of between 20 MW and 55 MW that are expected to be shovel-ready in the short to mid-term. The solar farms will be located in central and southern Italy, as well as Sardinia and Sicily.
Upon completion, several of the projects in the portfolio will be bundled and their output will be sold via long-term power purchase agreements (PPAs) based on a pay-as-produced structure.
Encavis's partner in this agreement is a wholly owned subsidiary of German solar developer ILOS Projects GmbH, which is backed by infrastructure investment fund OMNES Capital.
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