FP Lux bags 90MW Swedish solar
- Designer SunSpark will offer long-term asset monitoring
FP Lux Group is amounting to 90MW of Swedish solar projects to the portfolio of its third renewable resource fund RE Infrastructure Opportunities.
FP Lux obtained the solar projects from Swedish programmer SunSpark Nordic.
The acquisition agreement was concluded by the financial investment consultant re: cap international capitalists, which is responsible for evaluating and purchasing projects for the fund.
Under the contract, the fund will get the ready-to-build solar parks as well as provide equity funding for building and construction, while SunSpark Nordic will supply long-term property monitoring solutions.
The solar parks will be built over a period of up to two years, mostly in southern Sweden, as the power need in this region is high as well as new solar parks in some municipalities can add to even more protection in the neighborhood electricity supply.
The search for appropriate locations for the project has been mainly completed.
The first parks will certainly be integrated in the districts of Olofström, Karlshamn, Ronneby and also Töreboda.
Thomas Seibel, CEO of re: cap, said: "Sweden is among one of the most crucial European markets for renewable resources with a clear regulatory system and a highly expanding demand for locally created solar energy.
" We are therefore pleased to increase our commitment in the area and also to have obtained an expert companion in SunSpark Nordic."
Pontus Ringaby, Chief Executive Officer of SunSpark Nordic, added: "We see a raising demand for sustainable power solutions from Swedish companies, particularly the possibility of wrapping up electrical energy contracts based on solar energy is being checked out."
SunSpark was recommended by EY on the sale.
RE Infrastructure Opportunities' portfolio comprises greater than 35 projects with a total capacity of almost 400MW.
The investment focus is on photovoltaic or pv projects in European core markets such as Germany, Denmark, the Netherlands, France, Sweden as well as Spain.
The RE Infrastructure Opportunities target IRR is 7% per year after prices over a remaining fund life of about 12 years.
