Luxcara, a German-based asset management firm that specializes in the purchase of renewable energy portfolios, has acquired five large-scale solar farms in the U.K. from German developer Conergy.
The $58 million purchase adds 34.4 MW to Luxcaras solar portfolio via its renewable subsidiary, Flaveo Infrastructure Europe.
Conergy will continue to operate and maintain the five solar projects, having built and connected them to the U.K. grid by December 2015. Thus, each ground-mounted plant receives a feed-in tariff (FIT) based on the more favorable pre-cut rate of 5.04 pence/kWh.
"Each of the five solar systems have been developed and built to the highest quality standards a prerequisite in order to achieve long-term and stable earnings," said Luxcara managing partner Alexandra von Bernstoff. "Because the projects were built on no longer usable arable land, they also have a long-term, positive impact on the environment."
The managing partner added that Luxcara has indentified other solar and wind projects for acquisition via its Flaveo Infrastructure Europe subsidiary.
Conergy has been one of the leading developers of large-scale solar projects in the U.K. and prior to offloading this 34.4 MW solar portfolio to Luxcara had more than 230 MW of PV under its belt in Britain.