Pacifico Renewables sells 7.5-MW Czech solar portfolio to enter UK
Pacifico Renewables Yield's wind park near Berthelsdorf in Central Saxony, Germany. Image by Pacifico Renewables Yield AG.
German renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) on Monday said it has agreed to sell its Czech portfolio of four solar systems with a combined capacity of 7.5 MW to be able to enter the UK solar and battery storage market.
The company is disposing of the Czech facilities at an enterprise value of approximately EUR 20 million (USD 20.3m) in what is its first portfolio rotation. It said the proceeds will allow it to acquire first projects in the UK and potentially enter the battery storage market.
“We are selling operational assets impacted by regulatory instability in order to enter new markets with promising prospects for us,” said co-chief executive Christoph Strasser. The firm is shifting its focus towards battery storage, which is expected to play a key role in the energy transition not only in the UK, but in increasingly more markets such as Germany, where recent regulatory changes are seen to help accelerate battery storage development.
In the UK, Pacifico formed a partnership with solar and energy storage developer Boom Power in 2021. It said the first projects resulting from this cooperation are expected to reach the ready-to-build phase soon.
Due to the sale, the company lowered its 2022 revenue guidance to between EUR 30 million and EUR 40 million from between EUR 33 million and EUR 43 million.