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Enlight to acquire Spanish solar energy portfolio

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Energy Global,

Enlight Renewable Energy (Enlight) announced that it signed an agreement to acquire a portfolio of photovoltaic (PV) solar energy projects, in several stages, that are currently under development in Spain, with potential aggregate capacity of approximately 490 MWdc.

The portfolio is made up of 10 projects in two regions, Andalucía and Valencia, which have some of the best radiation in Spain, and supplements the location of the projects the company is building and developing in Spain, currently in the Castilla La Mancha region. The projects are held through special purpose companies, which at this stage hold most of the rights to the land for construction of the projects and the approvals to connect to the electricity grid.

The seller is an affiliate of the private investment fund, Cerberus Capital Management L.P., with the development of the projects being done by one of Spain's leading solar development companies, Renovalia Energy Group SLU, as part of the existing development agreement with it.

The consideration will be paid according to milestones based on the development of the projects, with most of the consideration being paid upon completion of the development and after all the permits for construction of the projects have been obtained. The first milestone is for an amount that is not material for the company, and it includes a guarantee for most of the rights to the land and rights to connect to the grid. The average consideration upon completion of the development is expected to reach €85 000 - 100 000 per MWdc, depending on materialisation of the various parameters of the different projects.

According to the agreements between the parties, the seller will continue to bear the development costs and guarantees for connection to the grid upon completion of development, and then the company will provide the guarantees for connection to the grid and will reimburse the seller for specific expenses only, such as land costs and connection costs, and only for the projects for which development is successfully completed. Additionally, should the development of a specific project not be completed, the consideration paid for it will be offset against the consideration to be paid for the other projects.

Note that the Spanish government recently increased renewable energy production targets to approximately 74% of total energy consumption by 2030, with most expected to come from solar energy, with an estimated additional capacity of 37 000 MW of solar energy.

The company estimates that the portfolio projects that materialise will do so gradually, in whole or in part, over a two-year period.



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