Powertis and Aquila to co-develop 421 MW of PV and 90 MW of storage in Italy

Powertis SAU, a Spanish solar energy developer, has sold a majority stake in 421 megawatts of solar PV and 90 megawatts of energy storage projects in Italy to Aquila Capital, a German investment management company.

Solar trackers maker Soltec Power Holdings SA, the parent company of Powertis, announced on Wednesday that the parties had reached a deal in which Aquila will purchase a 51 percent ownership in the projects, with the Spanish firm holding the remaining 49 percent.

Aquila also agreed to buy Powertis' 49 percent stake in the projects whenever they are ready-to-build or at their commercially operation date (COD).

Certain rights to supply solar trackers for the projects and EPC contracting work were guaranteed to Soltec's trackers manufacturing division. Financial information was withheld.

The latest deal expands on a deal struck a year ago between Soltec via Powertis and Aquila to co-develop up to 750 MW of solar projects in Italy under a 49/51 ownership structure.

Their deal was expanded in 2021 to include the co-development of 772 MW of projects, while other parameters remained the same.

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