BayWa r.e. sells a photovoltaic (PV) portfolio consisting of three solar plants with a total capacity of 115 MWp to L&G NTR Clean Power Fund managed by Legal & General Investment Management (LGIM), a global asset manager, and NTR, a leading renewable energy specialist. The deal tops off another successful year for BayWa r.e. in Spain and will contribute towards reaching the country’s ambitious climate goals for 2030.
Two of the PV projects will be situated in the Castilla la Mancha region. The third project consists of two installations, which are located near Granada in the Andalusia region.
Dr. Benedikt Ortmann, Global Director of Solar Projects of BayWa r.e., commented “We are pleased to complete the sale of this high-quality project portfolio to the L&G NTR Clean Power Fund. Such an investment in clean energy infrastructure accelerates the development of new renewable installations and thus plays an important role in achieving vital climate goals. In Spain, we have been operating for more than 10 years, and during that time have been steadily increasing our project pipeline. Our solar projects in the country have been built without any subsidies for several years now. We are looking forward to continuing to build upon this success story in the future.”
The projects each have long-term power purchase agreements in place, with multinational food and beverage company Nestlé, global provider of sustainable packaging solutions Huhtamaki, and Spanish renewable energy provider Holaluz.
BayWa r.e. has already installed 500 MW of wind and solar capacity in Spain, signed 790 MW in PPAs there, and has a project portfolio of over 2 GW, including one of the largest PV portfolios in the Spanish market.
Juanjo Álvarez, Managing Director of BayWa r.e. Projects España S.L.U, added “When it comes to renewables, Spain has a rather privileged position that allows the country to contribute to Europe’s energy supply, and we are happy to be part of this process together with our partners LGIM and NTR. It is important to keep pushing for initiatives in the sector that ease regulations, which will help to facilitate the way for future projects – and make a significant contribution in the fight against climate change.”
“Spain is the third largest European solar generator in the European Union with ambitious plans to grow installed capacity”, said Anthony Doherty, Chief Investment Officer, NTR. “We are delighted to enter that market through the continuation of a strong relationship with BayWa r.e., one of the leading global renewables developers and energy solutions providers.”
This sale follows other recent successful transactions of BayWa r.e. of more than 130 MW of wind and solar capacity in France, the UK and Germany.