Aquila European Renewables Income Fund says that, with energisation completed, its Albeniz asset is now fully operational and producing revenue.
Albeniz is a 50 MWp solar PV project located in the south of Spain acquired in December 2020. The asset is expected to have an operating life of 30 years after commissioning. Albeniz benefits from Power Purchase Agreements (PPAs) covering 80% of P50 (the midpoint of a range of production forecasts) production with Statkraft over a term of approximately five years. Albeniz represents the company’s largest single investment, equating to approximately 14.6% of portfolio fair value as at 31 March 2022.
Final project commissioning is contingent upon the issuance of a Provisional Acceptance Certificate and approvals from the grid operator and authorities, which are expected to be achieved by Q3 2022.
Albeniz is expected to provide 95.9 GWh of renewable electricity annually over its lifetime, representing approximately 110.7 kt of CO2 equivalent avoidance.
A video showcasing the construction and other features of Albeniz can be found on the fund’s website.
The Rock
The appraisal case concerning the local reindeer district and The Rock was scheduled to be heard before the Helgeland District Court in May 2022. The court hearing was postponed in order to allow more time for the parties to prepare for the court proceedings. Due to the limited availability of Helgeland District Court members to hear the case in 2022, the appraisal case has been rescheduled to 30 May 2023.
Based on legal advice received, the investment adviser continues to believe the chances of The Rock losing its licence are low. Following appeals to injunctive relief cases started by the local reindeer district in late 2020 and lost by the local reindeer district in 2021, the Norwegian Ministry of Petroleum and Energy (MPE) reconfirmed that the facility licence for The Rock is still valid. In April 2022, the MPE announced that it intended to join the appraisal case and defend the facility licence.
Since finishing construction of The Rock in December 2021, works have been focused on the energisation of the turbines, which has been delayed due to adverse weather conditions and limited accessibility to the site. Currently 65 out of 72 turbines are energised and have started producing electricity. The remaining turbines are expected to be fully energised shortly. Takeover was expected to take place during the second quarter of 2022. However, due to unfavorable weather conditions experienced even during the summer period, the investment adviser expects takeover to take place during the third quarter of 2022.
AERI : Aquila European updates on Albeniz and The Rock