Aquila European Renewables Income Fund is all set to acquire a 100MW solar portfolio in Spain. The project is currently under construction.
According to the company, the Greco portfolio comprises two projects which benefit from attractive solar irradiation yields.
The project is located in the region of Andalucía in the south of Spain.
It has been informed that construction of the project is currently underway while procurement of all major equipment is now completed.
"The Greco portfolio is expected to provide 184 gigawatt-hours of electricity a year over its lifetime," a report mentioned.
It has been informed that Aquila wants to "secure a power purchase agreement for Greco prior to completion."
As per the company, Greco will increase the fund’s total portfolio generation capacity by 30% to 432MW upon completion of the project.
A report mentioned, "The addition of Greco will also double the portfolio’s overall solar capacity to 200MW and increase the portfolio’s allocation to PV to 47%4 from 29% by fair value, with the remainder being allocated to wind and hydro technologies."
The completion of the current project is expected by late 2022.