AIG Financial Products, a unit of beleaguered American Insurance Group, and Spanish investment bank 360 Corporate said that they have sold their interests in three operating Spanish solar PV power plants to HgCapital, a London-based private equity firm.
With a combined capacity of 35.4 MWp, the sites are said to have an enterprise value of about €300 million. Terms of the sale were not disclosed.
Hg said that the three projects are its first Spanish and solar investments. The newly acquired sites include two fixed-axis systems, with a combined capacity of 17 MWp, and one single-axis tracker installation of 18 MWp. All projects qualified for the Spanish PV tariff between May and July 2008, according to Hg.
AIG’s spokesman Mark Herr told Greentech Media that the three power plants are located in Extremadura, Murcia, and Castilla-La Mancha and that the operators of the plants are City Solar, Proener, and SunPower.