May 16 (Renewables Now) - London-listed investment firm Aquila European Renewables Income Fund plc (LON:AERS), or AERIF, has clinched a deal to acquire a 30-MWp solar park in Spain’s Almeria region.
The agreement concerns the Tiza photovoltaic (PV) farm, Aquila said in a bourse filing on Monday without disclosing financial details. The transaction is seen to be completed by the third quarter once lender consent and other conditions have been settled. Its closing is also subject to the signing of a power purchase agreement (PPA) for the plant’s output.
Located in southern Spain, the Tiza plant was commissioned recently and is expected to generate about 54 GWh of electricity annually. Aquila Capital, AERIF’s investment adviser, managed the project’s construction.
Inclduing Tiza and the 100-MWp Greco solar project portfolio in Spain’s Andalusia, which AERIF agreed to buy in March, AERIF will have 230 MWp of solar generation capacity in its portfolio. The investment firm said it will fund the latest deal with current surplus liquidity, including cash on hand and funds from its revolving credit facility.
"Tiza is an excellent addition to AERIF's portfolio and will directly contribute to dividend cover in 2022,” said Michael Anderson, senior manager at Aquila Capital.