Asset manager MEAG, which is part of Munich Re, has acquired a photovoltaic plant in southern Spain.
Power from the 175MW Don Rodrigo solar park, located 20km from Seville, will be sold through the Norwegian energy group Statkraft, which has a 15-year power purchase agreement with MEAG.
The seller of the facility, BayWa, will be responsible for the technical operations.
MEAG managing director Holger Kerzel said: “We invest in and finance infrastructure around the globe.
“Projects like solar and wind parks comprise a substantial proportion of our infrastructure investments.”
Don Rodrigo is the third successful collaboration between MEAG and BayWa, after purchases of four solar plants in the UK by MEAG, in 2015 and 2016.
Kerzel added: “We will continue to add to these investments in the years to come, placing particular emphasis on regional and segment-specific diversification.
“By doing so, we secure ourselves illiquidity premiums and balance the risks, both in our portfolio of illiquid investments and in our assets as a whole.”
MEAG manages the assets of Munich Re and ERGO to the value of around €252 billion, across a portfolio that includes energy and real estate.