Allianz acquires first subsidy free solar project

Allianz Capital Partners has acquired the 46 MW Ourika project in Portugal, approximately 170km south-east of Lisbon. The project will be one of the first large solar power plants in operation that has no guaranteed tariff supported by taxpayers, but rather relies on a corporate power purchase agreements (PPAs), the long-term contract under which a business agrees to purchase electricity directly from an energy generator.

“We are delighted to partner with the experienced developer WElink on this project, which is our first investment in a solar project in Portugal. Ourika is a very valuable ESG -conform addition to our climate-friendly portfolio, which now exceeds 90 solar farms and wind parks. We hope to invest in more subsidy free solar projects across many European markets in the future and look forward to further projects with WElink or other experienced counterparties.” says Marc Groves-Raines, head of renewables at Allianz Capital Partners.

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