Impax Asset Management’s renewable energy infrastructure fund has sold the 110MW Vlagtwedde solar farm in the Netherlands to German pension fund Versicherungskammer Group for an undisclosed sum.
The Fund acquired the Vlagtwedde solar farm, located in the municipality of Westerwolde, Netherlands, in August 2019 from Dutch developer Powerfield.
It came with a construction contract from UK-based contractor SolarCentury integrated into the transaction.
The site is made up of 350,000 panels and covers an area of 100 hectares making it the largest operational solar farm in the Netherlands to date, according to Impax.
The solar farm is expected to generate power for approximately 30,000 households.
Impax associate director within its private equity/infrastructure transaction team Hector Boyce said: “As long-term specialist investors in the renewable energy sector, this project is part of our investment philosophy to contribute towards the transition to a zero-carbon economy in Europe.
“From the outset, the project has been developed in close cooperation with local parties with whom we have had a great experience.
“Delivering the project on time and within budget despite the global pandemic is testament to our team’s strong industrial skill-set.
“We look forward to building on our platform in the Netherlands and making further investments in this space.”
Versicherungskammer chief financial officer Isabella Pfaller added: “We are very pleased about the acquisition of this large solar park in the Netherlands and the resulting further regional diversification of our fund portfolio.
“For us, investing also means taking responsibility towards society and the environment.”