European asset manager Luxcara has refinanced a 40MW UK solar portfolio through a £30 million ($39.55 million; €35.05 million) debt agreement with German lender Bayerische Landesbank.
The long-term secured debt BayernLB provided helps Luxcara refinance a solar portfolio consisting of eight projects located in five sites across England and Wales, generating up to 5MW each. Three of the projects are co-owned with a community interest company, an initiative the UK government launched in 2005 to create charitable social enterprises that use profits for public good.
Luxcara, a renewables fund manager based in Germany, manages assets totalling around €2 billion. The firm raised €17 million for its first fund and, in 2011, closed its successor on €165 million.
In June, it closed its third renewables fund on €170 million. The vehicle, backed by a group of German pension funds and insurance companies, is 80 percent invested and has a 190MW portfolio comprising solar and onshore wind projects in Germany, the UK and Norway.
Shortly after closing its renewables fund, Luxcara announced the acquisition of two UK solar projects from Conergy. One project, located in Wales, generates 9.5MW, while the other is in Lincolnshire and generates 10MW. Luxcara had partnered with Conergy earlier this year when, in February, it purchased a portfolio of five solar projects in the UK valued at around £40 million.