NextEnergy Solar Fund Ltd on Tuesday said its 13%-owned co-investment Santarem, a 210 megawatt project in Portugal, has signed a long-term power purchase agreement with Statkraft AS.
The specialist solar investment company with 91 solar power projects in the UK said Statkraft will acquire the electricity production from Santarem for eight years, from three photovoltaic solar plants, which are currently under construction in Portugal.
Statkraft is a Norwegian state-owned hydropower company.
The firm said the deal builds upon the existing relationship between NextEnergy Capital and Statkraft, with an earlier PPA having been agreed covering Agenor, a 50 megawatt solar asset and NextEnergy Solar’s first co-investment.
Ross Grier, NextEnergy Capital UK managing director said: ‘The PPA in place for Santarem, of which NESF holds a 13% stake, is with a high credit counterparty, provides secured long-term visibility of cash flows, and ultimately provides stable returns for NESF. International solar co-investments alongside private capital continues to offer attractive growth opportunities for NESF alongside some of the largest institutional investors in the world.’
NextEnergy Solar shares rose 0.7% to 104.88 pence each in London on Tuesday morning.
Copyright 2023 Alliance News Ltd. All Rights Reserved.
