Pacifico to acquire 14.1 MW solar park in the Netherlands

Germany-based renewable energy producer Pacifico Renewables Yield AG (ETR:PRY) has agreed to buy a 14.1-MW solar project near the village of Hernen in the east of the Netherlands in a deal with an enterprise value of EUR 14.5 million (USD 16.8m).

The ground-mounted solar farm, which is currently under construction, will produce 12.9 GWh of green electricity after its commissioning which is planned for the first quarter of 2022, Pacifico said on Thursday.

The facility is developed by Pacifico Energy Partners and is expected to generate subsidy-backed revenues of about EUR 1.1 million per year, benefiting from a public support mechanism (SDE+) for a period of 15 years.

The purchase will be financed through reinvested cash flows from Pacifico's operating portfolio and its revolving credit facility.

This is the fourth acquisition for Pacifico this year and raises the capacity added year-to-date to 89.1 MW.

In addition, Pacifico Renewables has prolonged its partnership with Pacifico Energy Partners until 2029 and extended it to include onshore wind repowerings as up to 22.5 MW of its portfolio could need such services in the foreseeable future.

(EUR 1 = USD 1.160)

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