German investment house Aquila Capital has acquired a portfolio of four ready-to-build solar park projects in Portugal.
The projects, scheduled for completion by the end of 2018, are located in central and southern Portugal and will have an installed capacity of over 170 megawatts.
To mitigate fluctuations in the price of electricity, Aquila has entered into a power purchase agreement for the power produced by the solar parks with a local third party.
Portugal is currently heavily dependent on energy imports because of its low levels of fossil energy reserves but a national energy strategy is set to reduce this dependency through an expansion of renewable energy infrastructure.
Susanne Wermter, Aquila’s head of infrastructure and energy investment management, said: "Even without state funding support, these projects are a highly attractive investment.
“With the help of a long-term power purchase agreement, we have been able to secure stable attractive income for our investors."
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