ERG has purchased the entirety of Garnacha Solar, which owns a 149MWp solar project in Castilla and Leon, Spain.
The project is currently nearing completion and is scheduled to be operational by the end of 2023.
Equipped with modern bifacial panels and tracker system, the Garnacha solar power farm is projected to have an output of around 280GWh per year and a load factor of approximately 22%.
A significant portion of the electricity generated (70%) will be sold via a 12-year pay-as-produced power purchase agreement to a prominent corporate counterparty.
The acquisition’s enterprise value is €170m, with an equity value of €80.5m, and it is expected to be completed by Q3 2023.
ERG CEO, Paolo Merli, said “The acquisition of the Garnacha solar power plant, the largest in terms of capacity in the group’s renewable portfolio, consolidate our presence in Spain where we will reach 266MWp of installed capacity by the end of the year, with over 1 GW of under development solar pipeline.”
“Through this transaction, ERG achieves an important positioning in the country, with possible future industrial synergies, as part of the geographical and technological diversification process envisaged in the 2022-2026 Business Plan.”
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