Genesis Energy Closes Financing for 63 MW Solar Project in New Zealand

Germany-based independent power producer Encavis acquired 30 MW of ready-to-build Pozzolo solar project in Italy. The value of the transaction and the vendor’s name were not disclosed.

The solar project generates an average of around 42 GWh of electricity per year and will be connected to the grid in the second quarter of 2025. The revenue from the project will be secured by a long-term power purchase agreement (PPA) with a pay-as-produced structure for ten years based on 75% of the solar park’s generation capacity.

The solar modules used in the project are mounted on uniaxial trackers and thus follow the daily course of the sun. After commissioning, Stern Energy will act as an O&M service provider for this solar park.

“This recent acquisition of the Pozzolo solar park and further acquisitions will contribute to achieving the announced targets,” said Mario Schirru, CIO/COO of Encavis AG, welcoming the acquisition in Northern Italy.

In November, Encavis acquired a 55 MW ready-to-build solar project in Spain from Hive Energy, a UK-based renewable energy developer. Land and grid connections for the project have already been secured. Construction works are planned to begin shortly and will be handled by Ethical Power, a company under Hive Group. Hive developed the project, and the company will remain involved until completion.

Encavis also acquired three solar projects of 48 MW in the Netherlands from BayWa r.e., a renewable service provider, energy developer, and distributor. The projects located in Dokkum (14 MW), Lemsterhoek (31 MW), and Hoogengraven (3 MW) will benefit from the Dutch SDE+ feed-in tariff scheme for the first 15 years.

According to Mercom’s 9M and Q3 2023 Solar Funding and M&A Report, in the first nine months (9M) of 2023, there were 166 project acquisitions for 31.6 GW compared to 207 projects for 52.1 GW in 9M 2022.


RELATED POSTS