Aquila fund acquires 30-MWp solar project in Spain

Aquila European Renewables Income PLC agreed to buy an operational 30-MWp solar photovoltaic project in Spain.

The deal is expected to be completed in the third quarter, according to a May 16 news release.

The solar project, called Tiza, is located in the Almeria region in southern Spain and has an assumed operating life of 30 years. The fund expects to finance the deal using its surplus liquidity.

Earlier in March, Aquila European Renewables Income Fund also acquired the Greco solar portfolio consisting of two assets under construction in the Spanish region of Andalucía.

"We are pleased to have committed over €120 million in capital in relation to both Greco and Tiza following the successful capital raising last year," said Ian Nolan, chairman of the company. "We look forward to securing a [power purchase agreement] and a successful closing of the transaction."

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