German asset management company Luxcara has announced the acquisition of a 172MW solar farm from solar power developer Belectric.
A Luxcara spokesperson said its new acquisition is the largest German photovoltaic project not owned by a utility.
Belectric remains in charge of development, construction and operation of the 172MW solar farm.
Developers will create the new solar facility in the municipalities of Tramm and Lewitzrand, in the state of Mecklenburg, Western Pomerania. The facility will use 420,000 PV modules.
Luxcara managing director Dr Philip Sander said: “We are excited to implement this exceptional PV project with our longstanding partner Belectric.
“The project will be completed without any state funding and the electricity produced will be sold to an off-taker under a long-term electricity supply contract.”
Belectric intends to begin construction works at the site by the end of this year, with operations expected to start next year.
Once operational, the solar facility will generate enough energy to power nearly 50,000 homes a year. The generated power will supply a long-term power purchase agreement.
Belectric solar and battery managing director Martin Zembsch said: “With this large project, we are confirming our position as a leading project developer in the growing German solar market.
“We are delighted that our longstanding client Luxcara has bought the plant and is also using our expertise as general contractors in the construction, as well as operation and maintenance of the solar farm.”
The companies have not disclosed financial details of the deal.