LUXCARA adds to photovoltaic portfolio

LUXCARA Asset Management, a German investment firm specialising in sustainable energy, has acquired an 18-megawatt photovoltaic power station in Senftenberg in Brandenburg, Germany.

Germany’s LUXCARA Asset Management has acquired a photovoltaic power station in the southern Brandenburg town of Senftenberg for an undisclosed sum. The plant has a total peak output of 18 megawatts.

Phoenix Solar, the Munich-based photovoltaic system integrator, is acting as project developer and general contractor of the free-standing plant. The initial stage has already been reached, with output of 14 megawatts. The expansion to 18 megawatts will be undertaken in the third quarter of this year.

A press release issued by LUXCARA claimed that the plant’s annual energy yield would provide around 5,800 households with electricity and represent a reduction in CO2 emissions of approximately 17,660 tonnes per year.

The acquisition was made by Luxembourg solar fund LUXCARA SA, to which LUXCARA Asset Management acts in an advisory capacity. The fund was raised from professional investors in November 2009, and is seeking to develop a Europe-wide portfolio of photovoltaic plants through a “conservative investment strategy” involving “the achievement of steady dividends while simultaneously preserving the capital base”.

LUXCARA was launched in May 2009 by Alexandra von Bernstorff, former chief executive of Danish renewable energy investor Renewagy; and Kathrin Oechtering, a former investment director at Renewagy.