L&G NTR Clean Power (Europe) Fund has completed the financing of three Spanish solar projects in partnership with NordLB. As the sole debt provider and hedge counterparty, NordLB has provided debt facilities of around €50m with a debt tenor of 18 years. The portfolio, which consists of two sites in Castilla la Mancha and one in Andalucia, are all in construction with the first already exporting power and scheduled to achieve commercial operations this month.
Once fully operational, the developments will have a combined capacity of 115MWp, producing enough clean power to serve 51,424 homes. Power Purchase Agreements have been signed with three parties including Nestle Spain and Nestle Portugal, Huhtamaki and Holaluz which will use 70% of the power generated across the three projects over the next 10 years. In a separate transaction, the fund has also completed the acquisition of Ferme Eolienne Cruscades and Canet, a six-turbine onshore wind project near Narbonne, France. With a capacity of 13.4MW, the site will provide clean energy for over 5500 households and is already under construction, with the fund having acquired the asset from Samfi Energy, subsidiary company of Samfi Invest group. NTR chief investment officer Anthony Doherty commented: “This is a substantial financing which we have successfully closed in a more challenging environment, proving that quality clean power projects and a strong sponsor can still attract favourable terms. “We are delighted to continue our strong relationship with NordLB and to have them involved in this project, which is helping to accelerate the energy transition across Europe. Both announcements today are significant milestones for the fund as, together with LGIM, we work hard to deliver new renewable energy installations which play an important role in meeting vital climate goals.”
Credits: renews.biz [Image: Pixabay]