The alternative investment specialist Aquila Capital has acquired a portfolio of project rights for renewable energy projects in Spain with a total capacity of more than 700 MW. It consists of over 400 MW of onshore wind projects and around 300 MW of solar projects, construction of which is expected to commence by the end of 2019 with grid connection expected by 2021.
Courtesy of NREL
Based on the favorable local conditions and the strong decrease of technology costs over recent years, renewable energies in Spain can be operated profitably independent of state subsidies. In order to secure project revenues, Aquila Capital intends to contract long-term power purchase agreements (PPAs).
Roman Rosslenbroich, co-founder and CEO of Aquila Capital, said, “To us, Spain and Portugal are key locations for our institutional investors and we intend to further expand our operations in the area.“
The transaction expands Aquila Capital’s project portfolio on the Iberian Peninsula to a capacity of over 1 GW. The alternative investment manager entered the Iberian market in 2017 with the acquisition of a Portuguese photovoltaic project portfolio with a capacity of more than 180 MWp. The company operates a local presence in Madrid and is managing hydro assets on the integrated energy market of the Iberian Peninsula.