Hamburg-based wind and solar park operator Encavis AG (Prime Standard; ISIN: DE0006095003; stock symbol: ECV), listed on the MDAX of Deutsche Börse AG, concludes a framework agreement with ILOS New Energy Italy S.r.l. (a wholly owned subsidiary of the German ILOS Projects GmbH) for a solar project pipeline of up to 300 megawatts (MW).
With this new partnership, Encavis gains exclusive access to ten late stage solar park projects in Italy. The individual projects, with generation capacities ranging from 20 MW to 55 MW, are located in central and southern Italy, as well as Sardinia and Sicily. The constantly changing volume of generation capacities in the solar project pipeline of the Strategic Development Partners (SDPs) feeding this pool is thus increasing from recently 2.3 gigawatts (GW) to currently 2.6 GW. Additional generation capacities in both the wind and solar segments will continuously be acquired directly in the market.
"Together with our new partner ILOS, we are continuing to significantly expand our presence in the important Italian market," Mario Schirru, Chief Investment Officer/Chief Operating Officer (CIO/COO), welcomes the start of the cooperation and adds, "with ILOS, we currently have 12 excellent Strategic Development Partners on board to drive the continued diversified expansion of our solar generation capacities in Europe and to achieve our target of a generation capacity of 3.4 GW by 2025 at the latest - or even earlier.”
The complete documentation for the respective approval procedures has been submitted or will be submitted shortly for all projects. The pipeline projects are expected to reach ready-to-build (RTB) in the short to mid term. The plan is to bundle several of these Italian projects after completion in order to conclude long-term power purchase agreements (PPAs) based on a pay-as-produced structure.
"Our partnership with Encavis showcases ILOS's commitment to excellence in the development of green-field PV projects, utilising state-of-the-art engineering solutions to ensure high yields and returns," states Sergio Chiericoni, Managing Director of ILOS Italy.