Thin-film module manufacturer Masdar PV has sold its 11.7MW solar farm in Thuringia, Germany to a renewable energy investor.
The UAE-owned firm, which has its production facilities near the solar farm, announced that the project had been sold to private equity firm CEE.
Hamburg-based CEE, which specialises in renewable energy investments, said the acquisition took the value of its managed equity to €400 million (US$542 million).
“In 2013, in an increasingly difficult market, we managed to acquire six important projects in the PV and wind sector that have a total capacity of more than 60MW,” said Detlef Schreiber, CEO of CEE.
“We will continue to grow sustainably with renewable energies in the years to come and will focus not only on Germany – but also on other promising international markets in 2014,” added Schreiber.
Masdar announced in June that it had agreed a 17-year loan at “competitive rates” to build the PV plant.
No details of the value of the deal have been released however CEE claims on its website to target deals with a value up to €35 million (US$47 million).
It was designed and built by UAE-based EPC firm Enviromena, which also worked Masdar City’s 10MW solar farm.