Fundraising

Luxcara purchases 111.2MW Norwegian wind farm

The German firm has bought its largest project yet three months after holding a fifth close on its third renewables fund.

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German asset manager Luxcara has bought a 111.2MW onshore wind farm in Norway from local developer Norsk Vind Energi.

The acquisition was made via the firm’s third renewable energy fund, FLAVEO Infrastructure Europe SCS SICAV-FIS – Solar and Wind. It brings the total capacity of the fund’s portfolio to 190MW.

The Egersund project, which is still under development by Norsk Vind, is scheduled to begin operations in August 2017. It is the largest project acquired by the fund to date.

“With the wind farm Egersund, we have succeeded in acquiring one of only a few major onshore projects in Europe. The site is one of the best-suited locations in Europe for generating wind energy,” Alexandra von Bernstorff, managing partner of Luxcara, said in a statement.

“In addition, we are shortly about to conclude a long-term, euro-denominated power-purchase contract with a well-known partner.”

Luxcara’s acquisition comes three months after it achieved a €170 million fifth close on the fund, which targets institutional investors. The firm had previously raised €17 million for its debut fund, launched in 2009, and €165 million for its second vehicle, launched in 2011.