ERG has acquired a 100% stake in Garnacha Solar in Spain. The value of the transaction is around €170 million.
Garnacha Solar has a 149MWp solar project, which is in an advanced phase of construction.
According to the company, the Garnacha solar power farm consists of latest-generation bifacial panels and a tracker system. The farm will have an estimated annual production of around 280GWh.
The company further informed that “70% of the electricity generated by the plant will benefit from a 12-year pay-as-produced power purchase agreement (PPA) with a leading corporate counterpart.”
ERG CEO Paolo Merli was quoted in a statement, “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.”
He further stated, “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.”
The project, located in Castilla and Leon, is likely to reach commercial operation by the end of 2023.
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