In an announcement, Italian energy company ERG's subsidiary, ERG Spain Holdco, said that it is acquiring a 25 MW solar power plant in Spain from an entity, that is part of Spanish venture capital firm Renertia Investment.
The company has signed an agreement to take over the entire share capital of solar project vehicle company Instalacion Fotovoltaica Arericsol VIII SLU. The total transaction amount is working out to be $32.3 million.
Located in Fregenal de la Sierra in Extremadura, Spain, the solar farm is currently going through testing and commission, and will begin operations by early 2023. On completion, the farm is expected to generate over 50 GWh per year, the company added.
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