Luxcara purchases two UK solar assets from Conergy

After holding a fifth close on its third renewable fund, Luxcara has purchased two UK solar assets generating a combined 19.5MW.

European asset manager Luxcara has acquired two UK solar projects from renewable developer Conergy.

The solar projects generate a combined 19.5MW and received a feed-in tariff. One project, located in Wales, generates 9.5MW, while the other is in Lincolnshire and generates 10MW.

Luxcara made the purchase through its third renewable fund, which it launched in September and held a fifth close on €170 million in early June. The Fund, FLAVEO Infrastructure SCS SICAV-FIS—Solar and Wind, is now 80 percent invested, and has a 190MW capacity comprising solar and onshore wind projects in Germany, the UK and Norway.

The first close for its third renewables fund was held in November on €50 million. Luxcara said at the time it was targeting €250 million for its final close, which it planned for March. Shortly after first close, Luxcara invested in a portfolio of wind assets, and in February, it acquired a 34.4MW portfolio of five UK solar projects from Conergy valued at £40 million ($57.4 million; €51.3 million). The asset manager also partnered with wind developer Norsk Vind to build an 112.2MW onshore wind farm in Norway.

Luxcara, which manages around €2 billion in renewable assets, started its first renewables fund in 2009, raising €17 million to invest in €80 million of projects. Its second vehicle followed in 2011, raising €165 million to build a €700 million portfolio.