L&G NTR Acquire Three Solar Energy Projects Of 115 MWp In Spain

• The three solar energy projects, 2 of which lie in Castilla la Mancha and also the third in Andalusia, collectively amount to 115 MWp output set up.
• The portfolio of 3 projects is the very first acquisition for the fund.

The L&G NTR Clean Power Fund has announced that it has actually acquired 3 Spanish pre-operational solar power projects from BayWa r.e. L&G NTR Clean Power Fund is managed by Legal & General Investment Management as well as NTR which once again is a renewable energy specialist.

The 3 solar energy projects, 2 of which are located in Castilla la Mancha as well as the 3rd in Andalusia, collectively total up to 115 MWp output installed. They will be operational in 2023.

When taken into procedures, the three solar energy projects will certainly target at displacing over 51,000 tonnes of CO2 emissions annually. The projects each have long-lasting PPAs in position and also the off-takers consist of global food and packaging companies.

L&G NTR stated in its statement that the portfolio of three projects is the initial acquisition for the fund. It seeks to contribute to the acceleration of the European energy transition through the release of institutional capital right into solar, wind and also power storage projects at various stages of their development lifecycle across the continent.

L&G stated that the Fund is categorised as Article 9 under the European Union's Sustainable Finance Disclosure Regulation (SFDR).

Anthony Doherty, Chief Investment Officer, NTR, stated, "Spain is the third largest European solar generator in the EU with ambitious strategies to grow mounted capacity. We are delighted to get in that market through the continuation of a strong connection with BayWa r.e., one of Europe's leading renewables programmers."

Bill Hughes, Global Head of Real Possessions, LGIM, stated, "The European energy change represents a EUR1 trillion opportunity for investors as public and private sector decarbonisation agendas accelerate."

Dr. Benedikt Ortmann, Global Director of Solar Projects of BayWa r.e. pointed out, "Such investment in clean energy framework accelerates the development of new eco-friendly installations and thus plays a vital duty in attaining vital climate goals. Our solar projects in the nation have been built with no subsidies for several years currently. We are eagerly anticipating remaining to build upon this success story in the future."

Spain wants to accomplish a target of 160 GW of renewable energy by 2030. It has strong solar irradiance owing to its geographical location that can assist the growth of the solar power. In September, Spanish grid operator Red Eléctrica de España (REE) stated that the solar energy capacity of Spain had gotten to more than 17 GW bypassing hydropower.