Powertis Transfers 772 MW of Solar Projects in Italy

Powertis, the Spanish solar photovoltaic (PV) projects developer that belongs to Soltec Power Holdings, has completed the rotation to Aquila of a total of 523 MW, which together with the 249 MW that the company transferred in December last year, reached a total of 772 MW.

The company has signed agreement with Aquila Capital in December last year for the joint development of solar PV projects in Italy.

Further, the projects rotated exceed the initial target set by both companies for the development of 750 MW in the country.

As detailed in the agreement, through the transfer of projects, Aquila acquires 51 per cent of the equity of the projects, while 49 per cent remains in the possession of Powertis.

Aquila also signed a purchase option for the remaining 49 per cent that can be exercised either at RTB (ready to build) or COD (commercial operation date).

The transferred project portfolio is being developed by Powertis and the agreement provides Soltec with certain rights over the supply of the solar trackers to be used in the projects, as well as guaranteeing the contracting of the design and construction works (EPC) of the projects to the Spanish company.

With this new milestone, Powertis has consolidated its position in the Italian market. The company’s total pipeline reached 7.1 GW at the end of the first half of 2021, of which 1.6 GW corresponds to projects in Italy.