German investor Encavis Asset Management has acquired 55MW of solar and wind capacity in Europe for a special fund aimed at financial credit institutions.
The transaction comprises three photovoltaic solar parks in the Netherlands and a wind farm in Germany.
The assets are for the Encavis Infrastructure Fund 2 Renewables Europe 2 (EIF 2) fund, which is targeting financial institutions seeking to invest in a diversified portfolio of solar and wind farms in Europe, said Encavis.
The Gieboldehausen wind farm is located in Gottingen in Lower Saxony and hosts eight Vestas wind turbines with an output of 28.5MW. It was built and commissioned between 2016 and 2019.
Developer UKA will continue the wind farm’s technical management.
The three solar farms, all developed by BayWa, are located at different sites in the Netherlands.
The 5.7MW Flierbelten in the province of Overijssel began commercial operation in the beginning of March 2020.
The 6.6MW Jumaheerd solar project is awaiting an “imminent” grid connection.
The 14.6MW Sekdoorn floating solar project near the city of Zwolle, built on a quarry pond, is expected to achieve grid connection in July 2020.
Encavis Asset Management chief executive Karsten Mieth said: “We are very pleased that we were able to invest the funds entrusted to us so quickly in solar and wind parks with promising yield prospects and ideal site conditions.
“Over the past few years, we have established a market position that allows us to realise such projects despite the existing adversities caused by the COVID-19 pandemic.”
BayernLB is distributing the EIF 2 fund.
BayernLB head of savings banks and financial institutions division Roland Reichert said: “The special fund is particularly popular by credit institutions, especially German savings and cooperative banks.
“Renewable energy plants generate stable and predictable cash flows. Given the volatile developments on the capital markets since the outbreak of the corona virus, renewable energy investments bring valuable stability to the portfolio.”