Luxcara reaches financial close on 171-MWp German solar project

Solar park in Germany. Image by: Statkraft (www.statkraft.com).

January 10 (Renewables Now) - German asset manager Luxcara GmbH has reached a financial close on a 171-MWp solar photovoltaic (PV) project in the state of Mecklenburg-Western Pomerania after Nuremberg-based lender UmweltBank AG (ETR:UBK) provided financing in the mid-double-digit million range.

Energy funds, advised by Luxcara, have supported the project with equity, the Hamburg-based asset manager said on Friday.

The Tramm-Goethen solar park is currently under construction and is expected to go online in the first quarter of 2022. Located in the municipalities of Tramm and Lewitzrand, the plant will feature 420,000 PV modules which will generate enough green electricity to power around 50,000 households annually. The construction of the solar farm is not supported with funding under Germany's Renewable Energy Act (EEG) and the electricity from the facility will be sold under a ten-year power purchase agreement (PPA).

Luxcara acquired the 171-MWp project from Belectric Solar & Battery GmbH in November 2020 and picked the solar developer to build and operate the park.

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