Aquila Completes Guillena Construction Project
Aquila European Renewables plc (“AER” or “the Company”), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH (the “Investment Adviser”) announced today that Guillena, a 50 MWp solar PV asset has completed construction and is now operational.
Guillena is one of two assets located in southern Spain which belongs to the Greco portfolio, acquired in March 2022. The other asset, Jaén was the first asset within the Greco portfolio to finish construction and has been operational since November 2022. The majority of the deferred consideration, equivalent to approximately EUR 45 million under the Sale and Purchase Agreement for Guillena is expected to be paid in Q2 2023.
The payment is expected to be financed under the Company’s Revolving Credit Facility. Based on the Q4 2022 Net Asset Value, completion of Guillena will increase the Company’s total gearing level to approximately 31.0% on a pro forma basis.
As announced in December 2022, Guillena entered into a seven year pay-as-produced Power Purchase Agreement (“PPA”) at an attractive price with Statkraft Markets GmbH, whilst hedging 60% of P50 production.
Following completion of Guillena, the Company’s portfolio is now fully operational and the operating capacity has increased to approximately 464 MW. A video showcasing Guillena can be found on the AER website:
With regards to The Rock, the company is pleased to announce that the takeover under the Engineering, Procurement and Construction Management (“EPCM”) agreement has now been achieved.
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