Business
Project Greco Update
Project Greco Update.
About this update from Aquila European Renewables Plc Registered
[{"type":"text","content":"\n \n \n 22 December 2022\n \n \n Aquila European Renewables plc\n \n \n \n \n \n Project Greco Update - Completion of Jaén and PPA Secured for Guillena\n \n \n Aquila European Renewables plc (\"AER\" or \"the Company\"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the \"Investment Adviser\") is pleased to announce that Jaén, a 50 MWp solar PV asset has completed construction and is now operational.\n \n \n Jaén is one of two assets located in southern Spain which belong to the Greco portfolio, which was fully acquired by AER in March 2022. Following completion of Jaén, the Company has paid consideration of EUR 42.5 million to the developer, representing 95% of the total deferred consideration (\"Deferred Consideration\") amount due for Jaén under the existing sale and purchase agreement (\"SPA\"). The remaining 5% of the Jaén Deferred Consideration is expected to be paid by the end of Q1 2023.\n \n \n As announced in October 2022, Jaén entered into a five year pay-as-produced Power Purchase Agreement (\"PPA\") with Statkraft Markets GmbH, whilst hedging 70% of P50 production.\n \n \n Following the completion of construction assets Jaén, Albeniz and The Rock, as well as the acquisition of Tiza in 2022, the Company has added approximately 185 MW\n \n [1]\n \n in operating assets to the portfolio, increasing total operating capacity by 81% (compared to 2021) to approximately 413 MW.\n \n \n Power Purchase Agreement Secured for Guillena\n \n \n In addition to the completion of Jaén, the Investment Adviser is also pleased to announce that it has secured a seven year pay-as-produced PPA for Guillena, a 50 MWp solar PV project located in southern Spain, representing the second asset within the Greco portfolio. Like Jaén, the PPA was signed with Statkraft Markets GmbH at an attractive price, whilst hedging 60% of P50 production. The pricing terms remain confidential.\n \n \n Following the completion of Jaén, Guillena remains the only asset under construction in the Company's portfolio and is expected to be completed by Q2 2023. Completion of Guillena will also trigger the Company's Deferred Consideration payments under the SPA.\n \n \n In addition to the Deferred Consideration payments for both assets, the transaction is also subject to an earn-out mechanism (\"Earn-out\"). The Earn-...