WElink signals significant growth for 2019 following its sale of Solara4 (220 MWp) to Allianz Capital Partners
- Solara4 is a 220 MWp solar plant located in Vaqueiros, Southern Portugal
- Europe’s largest subsidy free solar plant in construction
- Power supply for 100,000 homes with renewable energy
- Supporting 1,500 construction and operations jobs
WElink Energy’s recent sale of Solara4 to Allianz Capital Partners (ACP) was the second such transaction in quick succession, following the sale of the 46MWp Ourika solar plant, and the signing of its collaboration agreement with ACP in November. WElink is now planning for significant growth in 2019 as it accelerates towards an ambitious growth target in Iberia of 2.5 GW by 2021.
Barry O’Neill, CEO of WElink Group said: “We are very excited by this second transaction and our collaboration with ACP. Our strategy is to be a leader and trusted partner for delivering renewable energy projects. The collaboration with ACP couples their resources, capabilities and strategic growth aspirations together with WElink’s diversified operational platform and pipeline, to jointly bring new renewable energy projects on stream. We are delighted that ACP values the engagement with WElink and our joint capability to create a powerful market presence in clean energy ”.
“In addition to Solara4, we will in parallel extend our construction activity into Spain in 2019, and will announce exciting expansions to our pipeline in Iberia and other markets, as well as further developments in the organization, later this quarter. 2019 promises to be a really exciting year for the company”.
ACP has invested more than EUR 3.5bn in renewables in multiple markets and has a strategic appetite to double its current volume for best of class power projects.
Marc Groves Raines, Head of Renewables at ACP said, “Allianz is one of the leading investors in renewable energies in Europe as we aim to lead our industry in integrating ESG (Environmental, Social and Governance) factors into our investment businesses. This is already our second investment partnering with WElink in Portugal in the subsidy free arena. With our 9th solar investment now in Solara4 we will have more than 90 projects in our renewables portfolio”.
With its capacity of 220 MWp, Solara4 will provide renewable energy for approximately 100,000 households in the region per year. This is enough to supply a city the size of Porto with energy for one year.
John Murphy, CEO WElink Energy commented further: “Solara4 is a landmark project in Portugal and Europe. It is also a very important project for the area of Vaqueiros where around 1,500 people will be employed on site during peak construction. We would like to thank each of our partners and advisors, notably the landowner and impact investor Maurizio Totta of Colinas da Foupana LDA and the Renewable Energy Investment S.A. Group for support in bringing this project forward. In addition SDCL London acted as lead financial advisor and Our New Energy acted as independent specialist PPA advisor. On behalf of WElink we thank them enormously for their support”.
Solara4 has agreed terms for a 20 year fixed price power purchase agreement (PPA).