German renewables investor CEE Group has acquired a 103MW solar project in San Pedro del Pinatar in Murcia, in southern Spain.
The company acquired the scheme through its newly launched CEE Renewable Fund 8 (CEE RF8).
The solar project is in the construction phase and is scheduled to be connected to the grid in the second half of 2025.
The seller and EPC contractor is a European corporation with vast experience in the development, construction and operation of renewable energy facilities.
In 2021 CEE Group had already acquired a 50MW solar project in Villanueva from the same company which will also operate the plant for an initial period of five years.
The 103MW PV scheme will rely on a power purchase agreement (PPA) for the sale of the produced electricity.
The project is the second transaction for CEE RF 8 which was launched at the end of 2023.
The closed-end alternative investment fund (AIF) with a planned volume of €750m will invest specifically in hybridisation sites in addition to wind and solar parks and storage technology.
Mainly, existing wind farms from the CEE Group’s existing portfolio will be expanded to include additional solar systems and storage solutions.
The fund meets the requirements of Article 9 of the EU Taxonomy and has been specially tailored to the needs of institutional investors.
CEE Group chief executive Detlef Schreiber said: “Murcia offers excellent conditions for photovoltaic projects.”
“Through the acquisition of the Project in Pinatar, we achieved a lucrative addition to our CEE RF8 fund.
“Together with the PV park acquired in January in Stüdenitz Schönermark in Brandenburg, the solar park in San Pedro del Pinatar forms a good basis for the fund and ensures attractive long-term returns for our investors.
“I am also delighted that we have been able to strengthen our relationship with one of our Spanish partners, with whom we have now concluded our second successful transaction.”