Signal Iduna buys 650-MW solar project in Germany

• German insurance and also monetary company Signal Iduna has obtained a 650-MW subsidy-free solar project that will certainly be improved a former brown coal opencast mine near the city of Leipzig.

The project was developed by Moveon Energy GmbH and offered to Signal Iduna as well as its economic service device Hansainvest Real Assets for a mid-triple digit million amount, the insurance company claimed on Tuesday.

The Witznitz energy park will be improved the recultivation areas of the former Witznitz II brown coal opencast mine and additional compensation locations in the municipalities of Neukieritzsch, Boehlen and also Roetha regarding 30 kilometres south of Leipzig.

More than 1.1 million solar modules will be set up on an area of 650 hectares (1,606 acres).

The project is awaiting an official last approval with building jobs scheduled to start in the 2nd quarter of this year. Once operational by the 2nd quarter of 2023, the park is expected to create sufficient electricity to satisfy the demands of concerning 200,000 four-person houses.

The electrical power from the park will be marketed by means of lasting power purchase arrangements (PPAs) with industrial and also various other large off-takers.

Moveon Energy will certainly construct and manage the facility. It will operate 45 MW of it in its own portfolio.

Because the park will certainly be built near to existing energy framework, the building and construction of transmission lines will not be required.

The project consists of also a prepare for a strong hydrogen storage center for the business's very own power requires in addition to charging terminals for automobiles as well as bicycles.