German independent power producer Encavis AG has entered into a framework agreement with solar developer Innovar Solar to establish a rolling portfolio of 500 megawatts of solar photovoltaic (PV) capacity in Germany.
Encavis emphasized that this rolling approach allows for the simultaneous development of new projects as individual ones progress successfully.
The same strategy will be utilized for projects that do not reach the ready-to-build stage, ensuring continuous project advancement.
The companies that joined forces last year have already commenced the development of their projects.
Also read: BayWa r.e. transforms ex-military sites into sustainable solar parks in France
Previously, they had signed a framework agreement to construct 160 MW of solar photovoltaic capacity, consisting of nine plants near highways and railways or in other areas legally permitted for ground-mounted PV installations.
According to Mario Schirru, Encavis AG’s CIO and COO, this collaboration between the independent power producer and the solar developer will more than double Encavis’s existing solar PV capacity in Germany, which is currently 412 MW.
Additionally, the company recently obtained €145 million in financing from Commerzbank, a German bank.
These funds will be used to finalize the construction of a 260 MW solar photovoltaic plant located north of Berlin. The plant secured a 12-year power purchase agreement (PPA) with chemical giant LyondellBasell earlier this year.
Also read: US Department of Energy Announces $40 Million Funding to Enhance Solar PV Lifespan and Recycling
Encavis’ parent company, Encavis Group, has a portfolio of 1.2 GW of renewable energy projects currently under development, with 900 MW belonging to its own assets.
The company operates in 12 European countries, including Spain, where it recently acquired a 95 MW solar PV portfolio from German renewables firm BayWa r.e., which is expected to be operational by the fourth quarter of 2025.