German independent power producer Encavis AG has found a buyer for the output of its 300-MW Talayuela solar park in Spain.
The 10-year power purchase agreement, or PPA, with an unnamed international energy company covers 4,300 GWh of electricity, Encavis said in a Sept. 17 release.
"The first long-term [PPA] signed for a solar park without any support from feed-in tariffs is a milestone for Encavis with a clear signal effect for further contracts of this kind and supports our consistent growth strategy in this market segment," Encavis CEO Dierk Paskert said.
The investment volume, including project-related debt financing, amounts to around €225 million. Encavis acquired an 80% interest in the solar project, while developer Solarcentury holds the remaining 20% stake.
Talayuela is scheduled to connect to the grid toward the end of the third quarter of 2020. Encavis expects the project to generate annual sales of around €25 million from the first full year of operation.
