Powertis, a Spanish company dedicated to the development of solar photovoltaic projects that belongs to Soltec Power Holdings, 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 projects rotated exceed the initial target set by both companies for the development of up to 750 MW in the country.
As detailed in the agreement, 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 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 consolidates 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.
Powertis is a company dedicated to the development of photovoltaic energy projects, with a presence in Spain, Italy, Brazil, Denmark, Colombia and the US. Founded in 2018, it belongs to the Soltec Power Holdings group and its mission is to develop solar energy with efficiency, excellence, respect for the environment, as well as ensuring the full integration of local communities, by creating jobs in development, structuring, financing, construction, operation and maintenance of the plants.