MEAG, the asset manager of Munich Re and ERGO, has acquired the 175MW Don Rodrigo solar park in Spain from BayWa.
The Don Rodrigo solar park is located 20km south of Seville in Southern Spain. The solar plant is situated on 265 hectares of land and is powered by 500,000 photovoltaic modules. The solar plant is considered to be one of the largest parks that are independent of government subsidies in Europe.
The plant generates nearly 300GWh of clean electricity each year, which is enough to power 93,000 Spanish households. Power generated from the Don Rodrigo solar park will be sold to Statkraft under a 15 year power purchase agreement. BayWa, the seller of the project, has been given the responsibility of handling the technical operations of the solar plant.
This solar plant is the third collaboration between MEAG and BayWa, after the purchase of four solar plants in the UK by MEAG in 2015 and 2016.
MEAG managing director Holger Kerzel said: We invest in and finance infrastructure around the globe. Projects like solar and wind parks comprise a substantial proportion of our infrastructure investments. We will continue to add to these investments in the years to come, placing particular emphasis on regional and segment-specific diversification.
By doing so, we secure ourselves illiquidity premiums and balance the risks, both in our portfolio of illiquid investments and in our assets as a whole.
In August last year, MEAG took over a 79MW Jensen wind farm in Sweden for Munich Re. The wind farm was acquired the wind farm in May, 2017 from Eolus.
The electricity generated from the wind farm will be sold to Google under a long-term power purchase agreement. Construction of the wind farm was completed in August last year and MEAG has taken over all the shares of the project company for Munich Re.
In the same month, MEAG partnered with Luxcura to structure a project bond to finance a 155.4MW wind farm in Norway. This wind farm is supported by a long-term power purchase agreement with Facebook.
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