The investment fund said in a bourse filing on Friday it has approved the signing of a sale and purchase agreement that will see it take full ownership of the particular assets for around EUR 16 million (USD 18.9m). This will mark Aquila’s first solar acquisition in the Iberian country.
Located in the south of Portugal, the photovoltaic (PV) parks are producing electricity and will immediately add to the new owner’s dividend cover. The seller, whose name was not provided, has committed to arrange power purchase agreements (PPAs) for the power plants’ output. This is a condition for closing the deal, which is expected to occur in October.
After the acquisition is finalised, Aquila will have invested 92% of the capital it has raised to date in a mixture of operating and construction assets, the fund said.
The electricity from the Portuguese solar parks is estimated to save almost 10,000 tonnes of carbon dioxide (CO2) emissions per year.
(EUR 1.0 = USD 1.185)