Germany-based renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) said today it is preparing to enter the UK market by purchasing stakes in 123 MW of solar park projects, in line with its growth strategy.
The company has sealed a memorandum of understanding (MoU) to acquire the assets from solar and energy storage developer Boom Developments Ltd for an undisclosed sum. The pact follows the signing of a right of first offer (ROFO) agreement in March that gave Pacifico the right to bid for projects from Boom’s 1-GW utility-scale solar and energy storage pipeline in the UK.
The acquisition of the 123-MW portfolio of two photovoltaic (PV) schemes will be possible as soon as all deliverables and conditions for the start of construction have been fulfilled. This is expected to occur during the first half of 2022.
According to the plan, Boom will keep a minority interest in the projects.
Land rights and grid connection capacity for the two projects are already in place and planning applications have been submitted.
"Boom will focus on the development and construction of the plants. In close coordination, we will structure the financing and power purchase agreements in parallel," said Boom’s co-CEO Christoph Strasser.
Pacifico Renewables aims to have 400 MW of assets in its portfolio by 2023. The company noted that its pipeline secured through ROFO agreements now exceeds 2.1 GW.
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