Italy based renewable power producer ERG has announced a partnership with German headquartered sustainable infrastructure asset manager aream Group to implement an early stage solar power portfolio of about 600 MW in Germany. This marks ERG's foray into the large scale solar market of Germany.
This portfolio in Eastern Germany will have ERG subsidiary ERG Development Germany GmbH and aream subsidiary AREAM Advisory GmbH cooperate right from the early development stage to commissioning the capacity under the long term co-development agreement signed. The duo said they may further increase the portfolio capacity.
A prominent wind energy player in Europe but with only 141 MW of solar as part of its production portfolio, ERG says this agreement allows it to diversify its portfolio and increase its presence in one of the key countries on its list.
"The development of projects in the solar sector requires a very specific know-how. We are pleased that ERG has chosen aream as its partner. The agreement with ERG will allow us to accelerate the development of photovoltaic plants even further," said aream Group CEO Markus W Voigt. "And generally speaking, investing in photovoltaic as part of a renewable energy portfolio delivers predictable and attractive returns."
Germany is aiming to have 98 GW of solar PV capacity by 2030 under its Climate Protection Act 2030, up from around 53 GW today, but local industry expects the potential is much more (see Germany Approves Climate Protection Act 2030).