Aquila buys majority stake in Powertis' 772 MW Italian solar projects
Powertis has completed the agreement signed with Aquila Capital in December 2020 for the joint development of solar photovoltaic projects in Italy.
Throughout 2021, Powertis has formalized the rotation to Aquila of a total of 523 MW, which, together with the 249 MW that the company transferred in December 2020, reach a total of 772 MW. The project has exceeded the initial target set by both companies for the development of up to 750 MW in the country.
Through the transfer of projects, Aquila acquires 51% of the equity of the projects, while 49% remains in the possession of Powertis. Aquila also signed a purchase option for the remaining 49% that can be exercised either at RTB (ready to build) or COD (commercial operation date). The transferred project portfolio is 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 Powertis.
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