Recurrent Energy Sells the Middle Road Solar Project in the UK

Germany-based independent power producer Encavis acquired a 28 MW solar project in Spain from ILOS Projects. The construction of the solar project is expected to begin shortly, and the grid connection is planned for the end of 2024. Once completed, the project will generate more than 50 GWh of Renewable Energy per year.

“In November 2022, we acquired a 55 MW solar park in Guillena, Andalusia, and with this project, we are now expanding our solar portfolio in Spain as planned,” says Mario Schirru, CIO/COO of Encavis AG, welcoming the acquisition. “This brings us a big step closer to our goal of bundling several solar parks in Spain and then signing an attractive joint Power Purchase Agreement (PPA),” Schirru added.

ILOS Projects is already a Strategic Development Partner of Encavis in Italy. With the expansion of Spanish generation capacity in the Valladolid region (Castile and León) in the Northwest of Spain, Encavis will be able to provide green electricity to large industrial customers in Spain.

According to the press release, Encavis aims to expand its European wind and solar portfolio to a total of 8 GW of generation capacity by 2027 as part of the Accelerated Growth Strategy 2027.

Encavis recently secured €180 million (~$192.62 million) non-recourse evolving debt bridge financing facility with ABN AMRO Bank N.V. (NL) and Cooperatieve Rabobank U.A. (NL) for solar PV projects in Denmark, Germany, Italy, and Spain.

According to Mercom’s 1H and Q2 2023 Solar Funding and M&A Report, in the first half (1H) of 2023, 116 solar project acquisitions totaling 25.5 GW were announced compared to 148 project acquisitions totaling 37.8 GW in 1H 2022.

Keppel MET Renewables (KMR), a renewable energy investment firm, recently acquired a 100% stake in a 38 MW solar project in southern Italy. The project is currently in an early stage of development, expected to reach ready-to-build status in 2025 and start commercial operations in 2026. With an installed capacity of 38 MW and total energy production of approximately 63 GWh per year, once constructed, the solar project is expected to generate enough power to supply the equivalent of more than 20,000 Italian households.