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LONDON (Alliance News) - The Renewables Infrastructure Group Ltd on Monday said it has agreed to purchase a majority stake in a solar power plant in the south of France.
The group invests solely in renewable energy assets that generate electricity and has agreed to purchase a 51% stake in the 12.0 megawatt solar plant, pushing its total net generating capacity up by just under 1.8% to 686.0 megawatts.
The Renewables Infrastructure Group has signed a binding sale and purchase agreement to acquire the stake in the solar plant, which is already in operation in the Provence region of France, for a total of EUR10.6 million, funded by the company's revolving acquisition facility.
Akuo Energy Group, which commissioned the asset back in 2012, will retain a 49.0% stake in the project and will provide operation and maintenance services.
The London-listed company said the plant has a power purchase agreement with EDF Energy expiring in 2032, providing a fixed, long-term, index-linked revenue stream.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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