Aquila buys Portuguese solar plant – Aquila European Renewables Income Fund has entered into a sale and purchase agreement to acquire 50% of the equity in an unlevered (no debt) Portuguese solar operating asset, Ourique. Closing of the transaction is expected to occur in April 2021.
Ourique is located in Alentejo, Portugal, and has an installed capacity of about 60 MWp. The solar farm started its operations in December 2019 and its power price hedges cover 100% of the produced energy until March 2026.
Ourique will save approximately 17,035 tons of CO2 emissions per annum, and an estimated 511,046 tonnes over the lifetime of the project (100% interest basis).
Upon completion of the acquisition of Ourique, the company will have committed about 92% of the capital that it has raised to date in a mix of operating and construction assets in six European countries. Together with the other solar projects Benfica III and Albeniz, Ourique adds to the technology diversification targets of the company and strengthens the company’s presence on the Iberian Peninsula.
Ian Nolan, chairman, said: “We are pleased to announce that we have committed nearly all of the equity raised in October 2020 within five months. Ourique will contribute to reducing Europe’s carbon footprint, and it further diversifies our technology mix.”
Christine Brockwell, head of partnerships & portfolio management at Aquila Capital, the investment adviser: “Ourique is an excellent addition to AERIF’s portfolio and will directly contribute to its dividend cover. With this investment, the Company has again proven its ability to allocate funds prudently, within a short time frame.”
[We read a heavy hint in both those comments that Aquila European Renewables will be back looking for more money shortly.]
AERI : Aquila buys Portuguese solar plant