Tesseract Holdings Limited (THL), a subsidiary of the Aquila European Renewables Income Fund (AERIF), has successfully completed the acquisition of a 50 per cent interest in the unlevered Portuguese solar project Ourique.
Ourique is located in Alentejo, Portugal, and has an installed capacity of c60 MWp. The solar farm started its operations in December 2019 and its power price hedges cover 100 per cent of the produced energy until March 2026. It is expected to save 17,035 tonnes of CO2 emissions per annum, and an estimated 511,046 tonnes over the lifetime of the project (100 per cent interest basis).
With the completion of the Ourique acquisition, AERIF has now deployed or committed (in the form of future capital calls related to Albeniz and The Rock) all of its surplus capital which was available for investment activity. Following the acquisition of Ourique, solar PV now represents over 25 per cent of AERIF’s portfolio (based on the fair values reported for 31 March 2021).