Mytilineos, through its Renewables and Storage Development (RSD) Business Unit, agreed to sell a 100 MW solar portfolio in the South of Spain to Aquila Capital, a sustainable investment and asset development company.
Financial details of the acquisition were not disclosed.
The solar projects, Jaen and Guillena, each with 50 MW capacity, are in Andalucia and are currently under construction by the RSD Business Unit. Upon completion, projects will produce approximately 200 GWh of clean energy per year.
Mytilineos has a pipeline of more than 4 GW of solar PV and energy storage projects under various stages of development in Iberia, Italy, the UK, Cyprus, Romania, Chile, Australia, and South Korea. The company’s operating solar projects are located in Australia and Cyprus.
According to the press release, Aquila Capital manages over 13 GW of wind, solar PV, and hydro assets worldwide and has more than 60 projects in operation, development under construction in Spain.
Nikos Papapetrou, General Manager of the RSD Business Unit of Mytilineos, stated: “We are excited about this transaction in Spain. This is yet another important milestone for our development strategy in Europe and follows closely on our recent agreement in Romania to dispose of two solar PV projects. Spain is one of the most important markets for solar PV in Europe, with significant capacity increase targets, and we are proud to contribute towards that direction. We are also delighted to enter into this agreement with Aquila Capital and envisage furthering the cooperation of the two organizations.”
In addition to the deal, Mytilineos, through its RSD Business Unit, is implementing a project development and investment platform for solar PV and storage projects and has in operation approximately 118 MW of solar PVs in Australia and 3.5 MW in Cyprus. These projects are part of a total pipeline of solar PV and energy storage projects under various stages of development that exceed 4 GW and are in Iberia, Italy, UK, Cyprus, Romania, Chile, Australia, and South Korea, for which it will assess options to monetize or integrate with its operations.
According to Mercom’s recently published Q4 2021 solar funding and M&A report, over 68 GW of solar projects were acquired in 2021. More Recently, Viridi RE and Solar Ambition (a subsidiary of Green Enesys Group) and Aquila Capital, a sustainable investment and asset development company, have signed an agreement to sell 500 MW of solar projects under development in Spain.
