BayWa RE has sold an 80MW solar-battery project in the UK to FP Lux Investments.
FP Lux is acquiring the asset, in Yorkshire, northern England for its RE Infrastructure Opportunities fund.
The solar-storage facility in Scurf Dyke, near Kingston Upon Hull, is being built by BayWa r.e. and is scheduled to go into operation before the end of 2023.
The 49MW solar portion of the project has been offered a Contract for Difference (CfD) under the UK Governments Round 4 allocation.
BayWa r.e. will be responsible for the subsequent operation and management of the plant.
Re:cap Global Investors, an independent investment advisor, launched the RE Infrastructure Opportunities fund with FP Lux Investments.
Thomas Seibel, Managing Director of Re:cap, said: “With the purchase of the solar park in Yorkshire, we are making the RE Infrastructure Opportunities fund even more diversified – both geographically and technologically.
“Additionally, we could secure a British Contract for Difference (CfD) with a term of 15 years and inflation indexation for the plant.
“The project thus offers a particularly stable and inflation-indexed cash flow.
“Looking at current development in consumer prices, this is of course additionally attractive for our investors.”
With the acquisition, the existing portfolio of RE Infrastructure Opportunities fund comprises 14 projects at 27 locations with a total capacity of around 400MW.
The fund successfully completed its final closing at the beginning of 2023 with a subscription volume of €290m.
A follow-up fund is expected to be launched in the summer of 2023.