Germany-based asset management company Luxcara has acquired the 121MWp Guillena-Salteras solar project in southern Spain.
The deal’s financial details have not been disclosed by the company.
Located north of Sevilla in Andalusia, the solar park will be connected to Red Eléctrica de España owned Salteras transformer substation.
The project was developed by Solarig Global Services, which will also build the plant as an engineering, procurement and construction (EPC) contractor.
Luxcara acquired the project for a portfolio for institutional investors.
With a projected capacity of approximately 121MWp, construction works at the site are expected to begin shortly.
The facility is expected to be connected to the grid by the second quarter of 2020.
Luxcara managing partner D Philip Sander said: “This is our second investment in southern Spain within a year. Andalusia continues to convince us with its high specific yield and very low LCOE.”
Similar to El Salobral project acquired by Luxcara in December 2017, the power generated by the Guillena-Salteras will be sold to directly to an off-taker on a power purchase agreement (PPA) basis.
Founded in 2009 by Dr Alexandra von Bernstorff and Kathrin Oechtering, Luxcara acquires, structures, finances and operates renewable-energy portfolios with an emphasis on long-term power purchase agreements.
Luxcara’s portfolio comprises solar and wind power plants in Europe with a total capacity of more than 1GW and an investment volume above €2.3bn.