Business
Greco acquisition
Greco acquisition.
About this update from Aquila European Renewables Plc Registered
[{"type":"text","content":"\n \n \n \n RNS Number : 9842F\n Aquila European Renewables Income\n 25 March 2022\n \n \n \n \n 25 March 2022\n \n \n Aquila European Renewables Income Fund plc\n \n \n \n \n \n Over EUR 90 million, 100 MWp Spanish Solar PV Acquisition, increasing total Portfolio Generation Capacity by 30% and Doubling AERIF's Solar PV Allocation\n \n \n \n \n \n \n \n \n Aquila European Renewables Income Fund plc (\"AERIF\" or \"the Company\"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the \"Investment Adviser\") is pleased to announce that its wholly owned subsidiary has entered into a sale and purchase agreement (\"SPA\") to acquire 100% of a 100 MWp solar PV portfolio (\"Greco\" or the \"Project\") currently under construction in Spain\n .\n \n \n \n \n \n The Greco portfolio consists of two assets which are located in the \n region of Andalucía, in the south of Spain, which benefit from attractive solar irradiation yields. The operating life of the Project is conservatively estimated as being 30 years, noting that technical due diligence and existing land leases can support a higher operating life. Construction is currently underway with fencing and earthworks activities, whilst procurement of all major equipment is now complete (including solar PV modules, trackers and inverters). \n Completion is contingent upon the Project receiving all of the requisite licenses and authorisations from local authorities (incl. the grid operator) and is expected by late 2022\n . \n \n \n \n \n \n The Project is expected to provide 184 GWh of renewable electricity annually over its lifetime, equivalent to approximately 58 kt of CO2 avoidance per annum[1].\n \n \n \n \n \n Upon Project completion, Greco will increase AERIF's total portfolio generation capacity[2] by 30% to 432 MW. The addition of Greco will also double the portfolio's overall solar PV capacity to 200 MWp[3] and increase the portfolio's allocation to solar PV from 29% to 47%[4] by fair value, with the remainder being allocated to wind and hydro technologies.\n \n \n \n \n \n Under the transaction, approximately EUR 90 million will be paid at Project completion (\"Deferred Consideration\"), which is expected in late 2022. An upfront consideration amount will be paid at closing under the SPA (toge...