German renewable energy manager Luxcara has reached a first close for its €250 million third renewable debt fund and invested in an initial portfolio of wind assets for it, a spokesman told Low Carbon Energy Investor, a sister publication of Infrastructure Investor.
The spokesman said Luxcara had raised €50 million at first close backed by a group of German pension funds and insurance companies. A final close is planned by the end of March 2016. Luxcara added the fund invested in a first batch of wind assets, with an installed capacity of 17 megawatts (MW), in early October.
The vehicle will target onshore wind and solar assets across Europe, aiming to build a €1.3 billion, 500MW portfolio split equally between the two sectors. Luxcara, however, will not own equity in the projects, but invest in long-term subordinated bonds issued by the project companies, which generate an annual distribution.
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