Spanish solar energy installer EiDF (BME:EIDF) has entered into an agreement with Finlight Corporate SLU to sell up to 89.8 MW of solar self-consumption systems in a two-phase deal, continuing its relationship with the Brookfield Asset Management company.
The first phase of the transaction will see Finlight acquire 57.2 MW of systems in operation, under construction and in development and the corresponding power purchase agreements (PPAs) attached to them, EiDF said in a stock market filing last week.
This part of the deal is valued at approximately EUR 10.7 million (USD 11.6m), which is how much the assets and the PPAs are worth. Additionally, EiDF will bag EUR 14.8 million for the EPC services so that it can finalise the projects under construction and build those in development.
The agreement includes a second phase, covering 114 solar projects with a total capacity of 32.6 MW. Finlight has the option to purchase these projects once they sign PPAs and reach milestones set out in the EPC contract due to be signed with EiDF. If it chooses to exercise the option, the Brookfield company will pay around EUR 14.7 million.
The second-phase projects are expected to be fully built during the second half of 2024 and the first quarter of 2025, EiDF said.
The overall deal represents contracts valued at roughly EUR 40.2 million and a total of 186 PPA-backed solar self-consumption facilities for industrial entities in Spain. The transaction reunites EiDF with Finlight after they first entered into a similar arrangement in August 2023.
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