Soltec, Aquila Capital ink co-development deal for up 750 MW of Italian solar
Image by Soltec (soltec.com).
Spanish solar trackers maker Soltec Power Holdings SA (BME:SOL) said Tuesday that its project development unit Powertis SAU has signed a framework agreement with Germany’s Aquila Capital to jointly develop up to 750 MW of solar photovoltaic (PV) projects in Italy.
The deal has already produced one transaction, with Soltec saying in a stock market filing that Powertis had sold a 51% stake it held in ten Italy-based special purpose vehicles (SPVs) to the German investment manager after signing the agreement.
These SPVs hold ten projects totalling 249 MW of solar power capacity. The projects are located in the regions of Sicily, Apulia and Basilicata and are designed for capacities ranging between 17 MWp and 52 MWp. The development costs will be split 51/49 between Aquila Capital and Powertis, the filing reads.
Aquila has the option to buy Powertis’ 49% stake once the projects reach ready-to-build (RTB) status or commercial operation date (COD).
Going forward, Powertis will develop projects up to the shovel-ready state, while Aquila can purchase them once land and interconnection rights are secured.
The agreement also gives Soltec certain rights over the supply of solar trackers and the provision of EPC services for the projects.
Financial details of the arrangement have not been disclosed.
The table below shows information about the first ten projects included in the deal:
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