BayWa’s renewables division has sold three solar plants with a total capacity of 115MWp to L&G NTR Clean Power Fund, managed by Legal & General Investment Management (LGIM) and NTR.
Two of the PV projects will be situated in the Castilla la Mancha region.
The third project consists of two installations, which are located near Granada in the Andalusia region.
BayWa r.e. global director of solar projects Dr Benedikt Ortmann said: “We are pleased to complete the sale of this high-quality project portfolio to the L&G NTR Clean Power Fund.
“Such an investment in clean energy infrastructure accelerates the development of new renewable installations and thus plays an important role in achieving vital climate goals.
“In Spain, we have been operating for more than 10 years, and during that time have been steadily increasing our project pipeline.
“Our solar projects in the country have been built without any subsidies for several years now.
“We are looking forward to continuing to build upon this success story in the future.”
The projects each have long-term PPAs in place, with Nestlé, global provider of sustainable packaging solutions Huhtamaki, and Spanish renewable energy provider Holaluz.
BayWa r.e. has already installed 500MW of wind and solar capacity in Spain, signed 790MW in PPAs there, and has a project portfolio of over 2GW, including one of the largest PV portfolios in the Spanish market.
NTR chief investment officer Anthony Doherty said: “Spain is the third largest European solar generator in the European Union with ambitious plans to grow installed capacity.
“We are delighted to enter that market through the continuation of a strong relationship with BayWa r.e., one of the leading global renewables developers and energy solutions providers.”
This sale follows other recent transactions of BayWa r.e. of more than 130MW of wind and solar capacity in France, the UK and Germany.