Hamburg-based solar and wind park operator Capital Stage has purchased the largest solar park portfolio in the company’s history.
The 70 million ($87 million) acquisition from German power plant developer GP Joule, comprises five solar parks in southwestern France with a total capacity of 50.8 MW. Located in the region of Aquitaine, some 100 kilometres from another group of Capital Stage-owned solar parks, the new installations will be commissioned by the end of December.
The solar parks have secured a feed-in tariff averaging 0.11 per kilowatt hour during the period of the fixed feed-in remuneration until 2032.
GP Joule will continue to oversee the solar parks’ technical and commercial operations.
"For us, Capital Stage is a reliable and strong investor we want to collaborate with in the future," said GP Joule founder and managing director Ove Petersen.
As part of the deal, Capital State will take over the existing project finance from HSH Nordbank. The acquisition is part of Capital Stage’s recently concluded cooperation agreement with German insurer Gothaer Group. According to the strategic partnership, Gothaer Group will grant Capital Stage profit participation rights capital amounting to 150 million with a duration of 20 years for investments in European solar parks.
"We have access to a well-stocked and attractive acquisition pipeline and are confident that, in line with our plans, we will have invested the investment funds in total until the end of 2015," said Capital Stage CEO Felix Goedhart.
The latest acquisition expands Capital Stage’s footprint in the French solar market from 90 MWp to more than 140 MWp, increasing the company’s total power production portfolio from 313 MW to approximately 364 MW.