The renewable energy arm of German industrial conglomerate Baywa Group has sold three solar plants in Spain with a total capacity of 115MW to L&G NTR Clean Power Fund, a new vehicle managed by Legal & General Investment Management and asset manager NTR.
The projects are located in the regions of Castile la Mancha and Andalusia and are expected to be operational in 2023. It also marks the first transaction from the recently launched fund.
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Several long-term power purchase agreements (PPAs) have been signed with food giant Nestlé for 62GWh of solar energy per year, a ten-year virtual PPA with Finnish packaging company Huhtamaki, and a 10-year PPA with Spanish renewable energy provider Holaluz.
Benedikt Ortmann, global director of solar projects at BayWa r.e., said: “Such investment in clean energy infrastructure accelerates the development of new renewable installations and thus plays an important role in achieving vital climate goals.”
The German company has installed 500MW of solar and wind capacity in Spain, with a project portfolio of more than 2GW and 790MW of PPAs signed so far in the Iberian country.
Last year BayWa r.e. targeted building 1GW of solar and wind plants in 2022, with Spain and the Netherlands among its key markets for its solar project development business. The company also claimed an industry first with a 10TWh tender initiated by a developer for corporate PPAs with the energy to come from a portfolio of renewable projects in Germany and Spain.
