LUXCARA acquires UK solar portfolio of 34.4 MW
LUXCARA, European asset managers for renewable energy investments, has acquired a portfolio consisting of five solar projects with a total output of 34.4 MWp in the UK, for its third renewable energies fund FLAVEO Infrastructure Europe SCS SICAV-FIS "“ Wind and Solar. The portfolio has a total value of around GBP 40 million (around EUR 52.6 million).
"We have acquired an attractive project portfolio from Conergy. Each of the five facilities has been developed and built to the highest standard of quality, which is key to ensuring our long-term returns. As the solar facilities were all built on brownfield sites and exhausted farmland, the projects will also have a sustainably positive impact on the environment," said Dr Alexandra von Bernstorff, Managing Partner of LUXCARA.
The seller is the UK branch of Conergy, based in Hamburg, Miami and Singapore, one of the world's largest global solar companies, specialising in the development and turnkey implementation of large solar power systems. Conergy developed and constructed the five solar projects itself, and will continue to operate and maintain them for LUXCARA. The projects are part of the feed-in tariff scheme, long-term subsidised projects with a fixed feed-in tariff. They also have further positive effects for their respective communities thanks to the selection of special non-profit company forms. They receive benefits, e.g. for their education and healthcare systems, that they can use for investment in renewable energies. All the sites were connected to the grid in December 2015.
"Our extensive market access enables us to identify attractive investment opportunities in renewable energies for our investors and to quickly invest the funds entrusted to us in high-quality assets. Other target projects have already been identified," announced von Bernstorff.
LUXCARA launched what is now its third Solar and Wind sub-fund under the FLAVEO Infrastructure Europe SCS SICAV-FIS partnership in 2015. The first wind power portfolios were acquired immediately after first closing in September. The fund is exclusively intended for institutional investors who can invest through subordinate bonds, securitisations and direct investments.
