Encavis AG, a German independent power producer (IPP), has entered into a framework agreement with PV developer Innovar Solar to collaborate on the development of 500MW of flexible solar PV capacity in Germany.
The independent power producer emphasized that the dynamic portfolio approach entails the sequential development of projects; successful completion of one project will pave the way for subsequent ones, enabling parallel project development. This strategy will also be extended to projects that do not progress to the ready-to-build stage.
As per the collaborating companies, who joined forces last year, project development is already underway. In the previous year, a mutual agreement was reached between the two firms to construct 160MW of solar PV across nine installations situated near highways, railways, or other designated areas permitted by construction regulations for ground-mounted PV deployment.
Mario Schirru, CIO and COO at Encavis AG, stated that the collaboration between the IPP and the solar developer will result in a significant increase in Encavis’s current installed solar PV capacity in Germany, which currently stands at 412MW, more than doubling the existing capacity.
Furthermore, the company has recently obtained €145 million (US$161 million) in funding from German bank Commerzbank. This financial support will be allocated towards finalizing the construction of a 260MW solar PV facility situated north of Berlin. The plant has already secured a 12-year power purchase agreement (PPA) with chemical company LyondellBasell earlier this year.
The parent company of Encavis, Encavis Group, is currently overseeing a portfolio of 1.2GW worth of renewable energy projects in various stages of construction, with 900MW being the company’s own assets. Operating across 12 European nations, including Spain, Encavis recently acquired a 95MW solar PV portfolio from German renewables firm BayWa r.e. The new assets are anticipated to be operational by the fourth quarter of 2025.
