Aquila European Renewables Income Fund, a fund managed by Aquila Capital is planning to pay €16 million ($19 million) for a solar portfolio in Portugal, according to several news reports.
The portfolio, which consists of operational projects, has a combined capacity of 20 megawatts. Each project is expected to have an operational life of up to 30 years, according to Alliance News.
The seller is planning to arrange power-purchase agreements as a condition of the sale, which is slated for completion in October.
The strategy of Aquila European Renewables Income Fund is to invest mostly in hydropower plants, onshore wind and solar photovoltaic parks across continental Europe and Ireland, according to Aquila’s website. The fund targets assets that are expected to generate renewable energy output for at least 25 years from their commissioning date.
With the deal, Aquila will have invested 92 percent of capital raised to date in a mixture of operati
