January 11 (Renewables Now) - German renewables investor and asset manager Luxcara GmbH has purchased a 121-MWp solar project in southern Spain, that is planned to enter construction “shortly.”
The Guillena-Salteras photovoltaic (PV) farm will be set up north of Sevilla, Andalusia region, and is slated for commissioning in the second quarter of 2020, Luxcara said on Thursday. The German firm acquired the asset for a portfolio for institutional investors from developer Solarig Global Services SA.
Once up and running, the solar farm will interconnect through an existing transformer station owned by grid operator Red Electrica de Espana (REE). The generated electricity will be sold directly to an off-taker through a power purchase agreement (PPA). Madrid-based Solarig will act as an engineering, procurement and construction (EPC) contractor for the project.
This is the second solar investment for the German asset manager within a year. "Andalusia continues to convince us with its high specific yield and very low levelised cost of energy (LCOE)," says managing partner Philip Sander.
At the end of 2017, Luxcara bought the 45-MWp El Salobral solar project in southern Spain, also for institutional investors.