Pacifico Renewables Yield AG signs contract to acquire a 21.2 MW photovoltaic portfolio in Germany

March 12, 2020

Grünwald, March 12, 2020 – Today, Pacifico Renewables Yield AG (ISIN: DE000A2YN371) signed a purchase agreement to acquire eight operational photovoltaic (“PV”) plants in Germany with an installed capacity of 21.2 MW. With this transaction, Pacifico Renewables Yield AG’s portfolio size will increase by 35% to a total of 81.0 MW.

The five ground-mounted and eight roof-mounted PV plants are located across five German federal states and became operational between 2008 and 2012. On average1, these parks benefit 11.8 more years from German Renewable Energy Law (EEG) subsidies of €211 to €462 per MWh. Pacifico Renewables Yield AG will obtain full ownership of the plants and expects to generate revenues of €5.1mm with these assets in 2020. The enterprise value of the portfolio including long-term project-related financing amounts to €36.8mm. Due to unused debt capacity on the project level, the company expects additional financial flexibility. In addition, 14 MW of the portfolio include option values after the end of the feed-in tariff due to land lease extension options and one land purchase. Completion of the transaction is subject to customary closing conditions and is expected for beginning of May 2020. Economic transfer will take place retroactively at the beginning of 2020. As of mid-2020, asset management services will be taken over by Pacifico Energy Partners GmbH, who also acts as broker on this transaction.

“This acquisition can be considered an excellent extension of our portfolio und will help to prepare us for the future. It extends our average remaining feed-in tariff, includes interesting extension options for the post-subsidy period and serves as a geographical and technological counterbalance to our acquisition pipeline.”, says the management board member Christoph Strasser.

With this transaction Pacifico Renewables Yield AG underpins its growth ambitions. Earlier than expected, the company completes its 20 MW growth phase. After completion of this acquisition, Pacifico Renewables Yield AG’s capacity in Germany grows to almost 50 MW and firmwide to more than 81 MW. The enlarged company expects to produce 100% green electricity for 28,000 households.

Management board member Dr. Martin Siddiqui sees the acquisition of this PV portfolio as an important step for Pacifico Renewables Yield AG: “Acquiring these PV plants not only is a milestone on our growth path, but also the precondition for the further development of our stock. Most importantly however, this transaction shows that together with our strategic partner, we are able to identify secondary market assets with strong returns.”

Details of the plants

Mecklenburg-Western Pomerania, roof-mounted, First Solar modules, 1.3 MW, €462/MWh feed-in tariff until December 31, 2028, c. 1,100 MWh expected production in 2020

Saxony-Anhalt, roof-mounted, First Solar modules, 1.4 MW, €338/MWh feed-in tariff until December 31, 2030, c. 1,200 MWh expected production in 2020

Lower-Saxony, roof-mounted, First Solar modules, 0.4 MW, €443/MWh feed-in tariff until December 31, 2028 c. 300 MWh expected production in 2020

Saxony-Anhalt, ground-mounted, Eging modules, 2.2 MW, €284/MWh feed-in tariff until December 31, 2030, c. 2,300 MWh expected production in 2020

Saxony-Anhalt, ground-mounted, First Solar modules, 5.0 MW, €221/MWh feed-in tariff until December 31, 2031, c. 4,900 MWh expected production in 2020, land lease option until 2036

Saxony, ground-mounted, Yingli modules, 1.6 MW, €221/MWh feed-in tariff until December 31, 2031, c. 1,700 MWh expected production in 2020, land lease option until 2039

Thuringia, ground-mounted, Canadian Solar modules, 2.9 MW, €216/MWh feed-in tariff until December 31, 2032, c. 2,800 MWh expected production in 2020, land lease option until 2043

Saxony, ground-mounted, Solarfabrik modules, 6.4 MW, €211/MWh feed-in tariff until December 31, 2031, c. 6,400 MWh expected production in 2020, land will be acquired

About Pacifico Renewables Yield AG

Pacifico Renewables Yield AG is an Independent Power Producer listed on the open market (Freiverkehr) of the Dusseldorf Stock Exchange (ISIN: DE000A2YN371). The company pursues the goal of building a portfolio of plants that generate electricity from renewable energy sources. With onshore wind and photovoltaic plants across Europe the company offers a clear and diversified profile with stable and predictable returns.

Disclaimer

This document may contain certain forward-looking statements, estimates, opinions and forecasts concerning the future business situation, profitability, and results of Pacifico Renewables Yield AG (“forward-looking statements”). Forward-looking statements can be identified by words such as “believe”, “estimate”, “anticipate”, “expect”, “intend”, “will”, or “should”, as well as their negation and similar variations or comparable terminology. Forward-looking statements include all matters that are not historical facts. Forward-looking statements are based on the current opinions, forecasts and assumptions made by the Management Board of Pacifico Renewables Yield AG and involve substantial known and unknown risks and uncertainties, and therefore actual results, performance, and events may differ substantially from those expressed or implied by forward-looking statements. Forward-looking statements contained herein should not be construed as guarantees of future performance or results and are not necessarily reliable indicators of whether or not such results will be achieved. The forward-looking statements contained in this release are only valid on the date of this publication. We will not update the information, forward-looking statements or conclusions contained in this release to reflect subsequent events or circumstances, or correct inaccuracies that arise after the date of this release as a result of new information, future developments or otherwise, and do not assume any obligation to do so. We do not assume any responsibility in any way for the forward-looking statements or assumptions contained herein.

 

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