Powertis, Aquila to co-develop 421 MW of PV, 90 MW of storage in Italy

Spanish solar energy developer Powertis SAU has sold its majority ownership in over 421 MW of solar PV and 90 MW of energy storage projects in Italy to German investment management firm Aquila Capital, expanding their partnership in the country.

The parties executed an agreement under which Aquila acquired a 51% stake in the projects, with the Spanish firm keeping the remaining 49%, solar trackers maker Soltec Power Holdings SA (BME:SOL), the parent company of Powertis, announced on Wednesday.

Aquila also signed the option to acquire the 49% interest from Powertis once the projects reach the ready-to-build stage or at their commercial operation date (COD).

Soltec’s trackers manufacturing division was guaranteed certain rights regarding the supply of solar trackers for the projects and EPC contracting work.

Financial details were kept under wraps.

The latest transaction builds upon the agreement that Soltec via Powertis and Aquila closed a year ago, seeking to co-develop up to 750 MW of solar projects in Italy under the 49/51 ownership structure.

Over the course of 2021, their agreement widened to include the co-development of 772 MW of projects, while other terms remained unchanged.

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