Insurance policy large L&G faucets Spanish PV for RES launching in continental Europe

Feb 26, 2020 04:48 PM ET
  • Among the globe's biggest investors has actually established its sights on Spanish solar as it transferred to authorize its initial financing offer for renewables in continental Europe.
Insurance policy large L&G faucets Spanish PV for RES launching in continental Europe
Image: Legal & General

Legal & General-- a UK insurance coverage titan handling possessions of ₤ 1.135 trillion (US$ 1.46 trillion)-- claimed today it will certainly utilize its framework financial investment device to aid re-finance numerous solar plants had by Qualitas Energy (Q-Energy), a Madrid-based possession supervisor.

In a declaration, Legal & General discussed its LGIM Real Assets arm will certainly infuse financing of EUR120 million (US$ 130 million) right into Q-Energy's solar profile. LGIM's dedication belongs to a more comprehensive EUR342 million (US$ 371 million) refinancing offer, along with an additional financier that has yet to be recognized.

L&G's declaration claimed the re-financed profile functions 21 solar plants currently up and running in Spain. The investor did nonetheless not divulge private project areas or dimensions, aside from keeping in mind that the whole profile products sufficient PV power to cover the demands of 70,400 residences.

Come Close To by PV Tech today, a L&G representative stated the company had actually been attracted by both Q-Energy's "record" however additionally Spain's legal structure, including: "The [nation's] helpful governing attends to capital security that is well straightened with our financial investment customers' requirements."

Before this solar offer, LGIM Real Assets has actually backed various other solar projects yet or else mainly "slanted" in the direction of offshore wind plays in the UK, the speaker described. The strategy currently is to proceed increase direct exposure to renewables, they claimed, without talking about certain markets.

The refinancing increase locates project proprietor Q-Energy having actually gone across the 1GW mark with its European sustainable profile, consisting of a 493.74 MWp ranch in Mula (area of Murcia) that is called Europe's 2nd biggest PV property.

The team buys solar via different entities, consisting of FSL Solar, Vela Energy and also Izcalli Investments. In June 2019, the last of the 3 increased EUR207 million (US$ 224 million) secretive bond resources from Korean as well as german insurance providers to re-finance 9 PV plants in Spain.

Spoken To by PV Tech at the time, resources near to the deal decreased to offer capability numbers however discussed the installments were reasonably old-- the initial hit monetary close greater than a years back-- as well as were obtained by Izcalli from developer 3rd parties.

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