Australian financial group Macquarie Asset Management on Monday announced a €90 million ($109 million) debt investment in a portfolio of concentrated solar power (CSP) plants in southern Spain.
The portfolio consists of three 120 MW CSP plants that Q-Energy Asset Management refinanced in May. The 120 MW concentrated solar plant portfolio is made up of a 20 MW Gemasolar tower plant, the first solar plant in the world which can operate 24 hours a day, and two 50 MW parabolic trough solar parks.
The portfolio in Andalusia has been in operation since 2011, with Macquarie describing its owner, Q-Energy Asset Management, as having an established track record operating solar farms, CSP plants and wind parks across Western Europe. Q-Energy Asset Management was created by Spanish developer Fotowatio Renewable Ventures (FRV) as its financial, legal and technical asset management arm.
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Macquarie Asset Management said that its investment was made “on behalf of its institutional clients via a bespoke, long-dated, subordinated debt financing.”
The project marks the fourth financing contract between Macquarie and Spain’s Q-Energy. Since 2012, Macquarie Asset Management has invested approximately €2.6 billion in more than 35 renewable energy projects, with a total installed capacity of approximately 13.7 GW.
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