Audax Renovables SA has signed a power purchase agreement (PPA) with Ireland-based WElink Investment Holdings Ltd for the output of the Solara4 PV plant in Portugal. Our New Energy was the advisor to WElink Group in the structuring and concluding of the agreement.
The 20-year, fixed-price PPA is part of a broader deal between the two companies which will see Audax purchasing electricity from other PV facilities, with the option of reaching up to 708 MW, developed by the WElink Group in Portugal and Spain.
The 218.8-MWp Solara4 plant is currently being built in the Portuguese region of Algarve. Connection to the grid is expected by mid-2019. It will be composed of 700.000 high efficiency solar modules and will be the largest subsidised solar plant in Europe supported by a private long-term PPA. Once finalised, it will generate enough electricity to power more than 100.000 Portuguese households.