- Soltec Power Holdings, through its business development division (Powertis), signs a new cooperation agreement with Aquila Capital to develop 421 MW in solar PV projects in Italy
- The agreement also includes the transfer of an additional 90 MW for energy storage
- Aquila Capital acquires 51% of the transferred megawatts, while 49% remains in Powertis ownership
- The agreement is in addition to the 772 MW of capacity already transferred to Aquila Capital in Italy over the course of 2021
- Soltec Power Holdings, through Powertis, and Aquila Capital have reached a total portfolio of 1,193 MW in co-development projects in Italy
Soltec Power Holdings, through its subsidiary Powertis, and Aquila Capital have formalized the transfer of 421 MW in solar PV projects under development in Italy. The agreement also includes the co-development of an additional 90 MW of energy storage in Italy.
The agreement formalizes the transfer of a block of 15 SPVs, amounting to 421 MW, whereby Aquila Capital acquires 51% of them and 49% remains in Powertis ownership, subject to a call option by Aquila Capital which can be exercised either at the Ready to Build (RTB) stage or Commercial Operation Date (COD).
Prior to this transaction, Powertis had already transferred 772 MW to Aquila Capital, bringing the total under co-development to 1,193 MW in Italy, plus 90 MW for energy storage. The total amount of megawatts transferred exceeded the target set by both companies in their framework agreement, which initially envisaged joint development of 750 MW in the country.
The agreement announced today, in line with the previous one, grants to the industrial business of Soltec Power Holdings certain rights over the supply of solar trackers to be used for the projects, as well as contracts for the projects’ construction works.
Pablo Otín, CEO of Powertis, said: “This new agreement with Aquila Capital reflects the solid progress of the projects under development in the country, and our position as one of the leading developers in the region. It is also a sign of the trust placed in us by Aquila Capital, following the excellent performance of previous collaborations. In 2021, we ended the year exceeding the targets we had initially set for ourselves in Italy. Italy is a very important market for Powertis, where we expect to continue to boost our presence and consolidate our position as a key developer in the country.
Roman Rosslenbroich, CEO and co-founder of Aquila Capital, said: “With this transaction, we are taking a further important step for our investment strategy in Italy, a key market in southern Europe with extensive potential for renewable energy. We are also very pleased to strengthen our strategic partnership with Soltec Power Holdings and Powertis through this joint venture. The parties involved in this partnership contribute complementary competencies and experiences, creating a strong setup for realizing such a significant PV pipeline”.
With this new milestone, Powertis consolidates its position in the Italian market. Soltec’s development division had accumulated a total pipeline of 9.1 GW at the end of the third quarter of 2021, of which 2.4 GW are projects in Italy. Aquila Capital also reinforces its growth strategy in the country, with a total of approx. 2 GW of solar PV projects under development.