L&G, NTR fund acquires 115-MWp Spanish solar portfolio

• The L&G NTR Clean Power (Europe) Fund managed by Legal & General Investment Management (LGIM) and also Dublin-based renewables investor NTR has acquired 3 pre-operational solar projects with a combined capacity of 115 MWp in Spain, it was announced today.

The seller is Germany-based renewable resource company BayWa re.

The portfolio includes two projects in Castilla la Mancha as well as one in Andalusia that are all set up to become operational this year. The projects take advantage of lasting power purchase contracts (PPA) with offtakers that include worldwide food and packaging companies, according to the announcement.

This marks the very first purchase for the fund, which aims to deploy institutional capital to solar, wind and also power storage projects at different lifecycle stages across Europe.

"Spain is the 3rd largest European solar generator in the EU with ambitious plans to grow installed capacity," stated NTR principal investment officer Anthony Doherty.

Benedikt Ortmann, global director of solar projects of BayWa re, claimed that the firm has been running for greater than ten years in Spain and continuously expanding its project pipe during that time. "Our solar projects in the nation have actually been developed without any subsidies for several years currently," Ortmann added.