Enerside Energy SA, a Spanish player in the integrated solar sector, has finalized an agreement to sell a significant project in Italy, combining 360MWp of solar plants with 40MW of battery energy storage systems (BESS). The project, named Palmadula, is currently in the development phase in northern Sardinia, covering approximately 900 hectares (2,224 acres).
The buyer, described as an institutional investor renowned for its expertise in developing, constructing, and operating solar parks across Europe, remains undisclosed. Enerside opted to keep the financial details of the transaction confidential.
Palmadula aims to not only contribute substantial renewable energy capacity but also incorporate sustainable agricultural practices, including crop planting and sheep grazing, forming an innovative agri-voltaic initiative.
Enerside anticipates that Palmadula will attain ready-to-build status in 2025. The Spanish company will receive payments as the project achieves predefined development milestones. The transaction is slated for closure on February 28, 2024, subject to customary conditions.
This marks the second transaction announced by Enerside in 2023, following the recent sale of a 3.1MWp distributed generation solar farm in Brazil. The company emphasized having multiple binding offers and advanced transactions, with potential proceeds surpassing EUR 50 million (USD 54.6 million).
