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Allianz to buy 218.8-MW subsidy-free PV project in Portugal

Solar farm in Portugal. Author: Hugo Cadavez.

December 19 (Renewables Now) - Allianz Capital Partners has agreed to acquire a 218.8-MW under-construction solar park in Portugal, the largest photovoltaic (PV) facility there being built without subsidies.

The acquisition was made on behalf of Allianz insurance companies, the unit of German insurer Allianz SE (ETR:ALV) said on Tuesday. It bought the Solara project from Ireland’s WElink Group for an undisclosed sum.

Being installed in southern Portugal, the solar park will be the largest one in the country once completed next summer. It is expected to generate enough electricity for around 100,000 homes in the region each year. Terms for a 20-year fixed price power purchase agreement (PPA) have already been agreed.

Allianz has nine solar and 83 wind assets in its portfolio globally. In October, the company took possession of the 46.1-MW Ourika PV project in Ourique, Portugal, which was the first unsubdusised solar scheme in the country.

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Browse all articles from Veselina Petrova

Veselina Petrova is one of SeeNews Renewables most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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