Spanish integrated solar player Enerside Energy has reached an agreement to sell a 400 MW project combining photovoltaic and battery energy storage systems (BESS) in Italy.
Enerside said the project was going to be transferred to an institutional investor who is also a leader in the development, construction and operation of solar parks in Europe. However, the name of the prospective buyer was not disclosed, nor were the financial terms.
In an area spanning over 900 hectares, construction of the Palmadula project in northern Sardinia has kicked off. This will include the installation of 360 MWp of solar plants and 40 MW of BESS.
Agricultural activities such as crop cultivation and sheep grazing will also be incorporated into the project to create an agri-voltaic scheme.
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The payment terms for the Spanish firm will be based on a development milestone basis and Enerside expects the Palmadula project to reach ready to build status by the beginning of 2025.
The transaction is expected to close on February 28, 2024, pending customary terms and conditions.
Previous and Future projects
This follows the recent transaction announced by Enerside at the end of 2023 in a deal to sell off a 3.1 MWp distributed generation (DG) Itabira solar farm in Brazil to Suno Asset, an investment fund manager, for over EUR 3 million.
All projects were fully developed and built by Enerside using its own funds and the firm has other DG schemes and opportunities in the pipeline that are expected to hit ready to build status in 2024 and 2025.
This particular sale marked the first step in Enerside’s asset rotation plan that was announced in October 2023 and has already produced binding offers and advanced transactions that could generate proceeds of over EUR 50 million.
About Enerside
Enerside is a fast-growing fully integrated solar PV platform with global presence headquartered in Barcelona, Spain.
Specialized in the development, construction and maintenance of renewable energy projects. Founded in 2007, the company has a proven track record developing +6.8 GW of solar photovoltaic generation projects, including reference industrial clients in Europe and Latin America. The company has an Asset Ownership Strategy as an IPP (Independent Power Producer). Enerside employs more than 100 experienced professionals and has offices in 6 different countries.
