The plant is fully operational and was officially inaugurated on 26th July 2018 at a ceremony that included delegates from the European Commission and the Portuguese Government. Ourika is the largest solar PV plant in Europe connected and operating without public subsidies. It is a pioneering project as the first unsubsidised project in Portugal connected directly to the to the National Transmission Grid (RNT), operated by the Redes Energéticas Nacionais (REN), according to the new regulation for linking generators to European Union networks.
Developed by Welink Energy and its longstanding strategic partner China Triumph International Engineering Company (CTIEC), the Ourika plant will generate enough clean energy to power 23,000 homes. CTIEC acted as EPC Contractor including provision of construction finance, and were supported by Ecosolar on the construction works. The project is backed by a 20 year PPA agreement.
Next PV project with 220 MW in Portugal
Barry O’Neill, CEO of WElink Group, says: “This agreement represents an important strategic milestone for Welink Energy. We are extremely pleased to close this transaction with Allianz Capital Partners given their investment heritage in renewables and their future growth ambitions. It cements WElink Energy’s transition to becoming a leading international power producer. Ourika will be followed by the Solara4 220 MW plant due to be completed in Q3 2019. Our investments in Portugal form the start of an ambitious growth plan for Welink in Europe. We are working with excellent local partners to foster relationships that will enable rapid expansion and additional opportunities to grow together”.
ACP with more solar investments
Marc Groves-Raines, Head of Renewables at ACP commented: “We are delighted to partner with the experienced developer Welink Energy on this project, which is our first investment in a solar project in Portugal. Ourika is a very valuable environmental, social, governance conform addition to our climate-friendly portfolio, which now exceeds 90 solar farms and wind parks. This investment proves the importance of renewable energies for the investment portfolio of Allianz being one of the leading European investors in this sector. We hope to invest in more subsidy free solar projects across many European markets in the future”. (HCN)
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More useful information:
https://www.pveurope.eu/News/Solar-Generator/170-MW-subsidy-free-PV-plant-in-Spain
https://www.pveurope.eu/News/Solar-Generator/More-and-more-stadiums-go-solar-subsidy-free
https://www.pveurope.eu/solar-modules/uks-first-subsidy-free-solar-farm-and-energy-storage-facility
