WElink Energy poised to grow its collaboration with Allianz Capital Partners following its sale to them of Europe’s largest unsubsidised PV project.
WElink Energy (“WElink”) has announced that it is accelerating its investment expansion in Iberia and in other strategic global markets as part of its blueprint to expand its collaboration with leading European renewables investor, Allianz Capital Partners (“ACP”).
- In a first transaction, ACP recently acquired 100% of the 46 MWp Ourika solar power plant, the first unsubsidised plant operating in Iberia, and the largest individual unsubsidised plant in Europe. The transaction is backed by a 20-year PPA.
- WElink and ACP are planning to collaborate on future projects from WElink’s pipeline of 442 MWp planned for construction and completion in 2019.
ACP has invested more than EUR 3.5bn in renewables in 83 wind farms and 7 solar plants in Austria, Finland, France, Germany, Italy, Sweden and the US. The agreement with WElink now sees ACP extend its investment reach into Iberia. ACP has a strategic objective to double its current investment volume in renewable energy.
Working with its long-standing partner, China Triumph International Engineering Company Limited (“CTIEC”), all projects will be delivered on a turnkey basis. CTIEC will provide full EPC services and construction finance with WElink delivering project management and long-term operations and asset management services to all projects delivered.
Marc Groves-Raines, Managing Director at ACP, said:
“The acquisition of Ourika signals an important milestone for ACP, as we follow the transition into private PPA power markets. The collaboration with WElink provides us with access to new investment opportunities that can lead to the delivery of a material portfolio of solar PV assets – matching our continued and expanding investment appetite for best of class power projects.”
Barry O’Neill, CEO of WElink Group, commented:
“WElink has now established its position as an independent power producer. We regard ACP as a perfect partner given their reputation for quality investment, their renewables heritage and ambitions for growth. The investment relationship, coupled with our longstanding partnership with Chinese-based CTIEC, can facilitate a powerful market presence and our continued expansion into clean energy. Our investments in Iberia form the start of an ambitious growth plan for WElink. We are working with some excellent local partners to foster relationships that will enable rapid expansion and opportunity to grow together. We very much look forward to working with Marc and his team over a long period”.