Renewable

November 12 (Renewables Now) - German renewable energy investment firm Pacifico Renewables Yield AG has signed a deal to buy a wind park with a capacity of 15.6 MW from a unit of New Energies Systems AG.

At present the project, located in the state of Rhineland-Palatinate, is at an advanced stage of construction and is expected to be completed at the beginning of 2021. Once operational, the five turbines provided by Nordex SE (ETR:NDX1) will generate about 37 GWh of power annually and save nearly 30,000 tonnes of carbon dioxide (CO2) emissions a year.

The wind park has a fixed feed-in tariff of EUR 79.3 (USD 93.6) per MWh for 20 years under the Renewable Energy Sources Act of 2017. The asset's enterprise value is EUR 35 million, including senior project financing.

Pacifico Renewables will finance the deal with funds from its revolving credit facility, which is being increased to EUR 16.3 million.

The purchase, expected to close in early 2021, brings the total capacity in the company's portfolio to 96.6 MW.

(EUR 1.0 = USD 1.180)

Join Renewables Now's free daily newsletter now!