Operations in Italy start by acquiring 71.6MW across two development stage photovoltaic projects located in Puglia

• The two plants total 71.6MW of installed capacity.
• Currently under construction, the facility is estimated to be operational by 2025.

Madrid, 13 January 2023. Elawan is pleased to mark its entry into the Italian market with the acquisition of two development stage solar photovoltaic projects from local developer. The projects will be built in the Puglia region of southern Italy. Once operational, scheduled for 2025, the two plants will have a capacity of 20.4MW and 51.2MW, respectively.

The law firm Watson Farley & Williams (“WFW”) advised Elawan on this acquisition as well as establishing a co-development agreement with the local developer.

“This acquisition is an important step in our global expansion through a strategy of sustained growth and contributes to our purpose of offering integrated solutions that enable the decarbonization of energy systems worldwide,” said Pedro García Crespo, Chief Investment Officer of Elawan Energy.

Elawan is part of the ORIX Group and operates across the entire value chain of the renewable energy sector, from development to financing, construction and operation.

Headquartered in Spain, Elawan is present in 15 countries around the world, with its main activities allocated in Europe, North and South America. Elawan has more than 1,304MW (gross) in operation and approximately 7.3GW of projects under construction and under development (gross).

Elawan expects to reach the milestone of 2GW in operation in the first half of 2023 with the entry into operation of 662MW (476MW in Spain, 147MW within the USA area, 30MW in Mexico). These projects represent an investment of more than 250 million euros in Spain and 160 million dollars in the USA. In addition, Elawan has a further 6.6GW in different stages of development.

Elawan generated EBITDA of 71 million euros during the first half of 2022. This figure represents an increase of 114% compared to the previous year.