BayWa r.e. sells subsidy-free solar farm in Spain to Commerz Real’s impact fund Klimavest
BayWa r.e. has sold its Tordesillas solar farm in central Spain to Commerz Real, a German investment company that has been building its portfolio of renewable energy investments to more than 50 projects in the last few years. The 41.7 MWp solar park is the first solar investment for Commerz Real’s new impact fund Klimavest. It has a 10-year PPA in place with Statkraft which was signed earlier this year, despite the Covid-19 pandemic that has also struck the market for PPAs.
The sale of Tordesillas showcases BayWa r.e.’s increasing success across the Spanish market, as it follows the sale of Don Rodrigo 2 solar farm to the Talanx Group, which was sold during the end of 2019.
Benedikt Ortmann, Global Director of Solar Projects at BayWa r.e. commented: “Solar power plants selling their production without any subsidy to the energy markets have become the new normal. This is the way to help reduce climate change. In Spain and globally, BayWa r.e. is playing a key role in paving the way for subsidy-free solar.”
Rafael Esteban, Managing Director of BayWa r.e. Projects España S.L.U. adds: “We are continuing our rapid expansion in Spain, having added more than 500 MW of mature projects during 2020 which will be constructed in the next years. Following the sale of our Don Rodrigo 2 solar farm last year, we have strengthened our teams in Madrid and Barcelona, and are continuing to contribute to the rapid energy transition in Spain.”
“We are very happy to add Tordesillas to Klimavest”, says Johannes Anschott, CEO at Commerz Real. “It perfectly fits with the funds strategy to significantly lower carbon emissions in Europe combined with an attractive return for our investors”. The recently launched Klimavest plans to build up a portfolio of about 25 billion Euros in renewable energy as well as sustainable infrastructure, mobility and forestry.
Following success seen at Don Rodrigo 2, the newly sold 91 ha solar farm also benefits from an innovative new single-axis tracker system. Developed by BayWa r.e. and Zimmermann PV-Tracker GmbH it is the first tracker to be self-powered by its own string modules. This removes the need for a battery system and improves its reliability.
BayWa r.e. will continue to operate and maintain the solar farm on behalf of Commerz Real when operational, which in the first year of full production, will generate 74 GWh of solar energy. This is enough power to meet the average annual consumption of approximately 18,800 households in Spain.
The sale agreement follows the successful completion of a PPA with Statkraft, the third deal over Spanish assets BayWa r.e. has completed with Statkraft in the past 18 months.
BayWa r.e. is proactively looking for new solar and wind projects and developers to work with in Spain and Portugal.
