Renewable energy investor Good Energies and NIBC European Infrastructure Fund, a specialist fund of NIBC Infrastructure Partners, have acquired 40-megawatt-peak (MWp) of solar photovoltaic (PV) plants from Q-Cells, a German manufacturer of PV cells.
Finterswalde II and III, located in Brandenburg, Germany were built and constructed by Q-Cells. The projects are fully operational with a feed-in tariff for 20 years in accordance with the German EEG, the country’s renewable energy act. This provides incentives to every company involved in the renewable energy business to invest in developing and generating renewable energy sources and reducing costs for production and consumption over a period of time.
According to the press release, Q-Cells will continue to operate and maintain the PV plants under a long-term contract. While details of the purchase have not been disclosed, a financial close is expected by year-end.
Darren Kyte, chief executive officer of NIBC Infrastructure Partners said: “The Finsterwalde solar PV projects build on NIBC’s experience in the renewable energy infrastructure sector. This will be our fourth acquisition of an operational renewable energy infrastructure asset during the last 12 months. The acquisition will increase our solar PV portfolio to 86-megawatt-peak in Europe, and our total renewable exposure to almost 250-megawatts across operational wind, solar and waste-to-energy assets.”
NIBC European Infrastructure Fund is a €350 million fund investing across the European Union with a focus on the UK, Germany and Benelux. The core investor base of the fund consists of large Benelux pension funds and financial institutions, including NIBC Bank. The fund aims to generate long-term cash flows and returns for its investors through investments in infrastructure assets.