Macquarie Asset Management has is to invest €90m in a portfolio of concentrated solar power plants in southern Spain.
The 120MW portfolio is comprised of the 20MW Gemasolar tower plant and two 50MW parabolic trough solar parks, Valle 1 and Valle 2.
The projects, located in Andalusia, produce enough green energy to power the equivalent of more than 84,000 Spanish households and avoids 126,000 tonnes of carbon emissions every year, said the investor.
The portfolio has been in operation since 2011 and its owner Q-Energy, a European renewable energy asset manager, has an established track record in operating solar PV farms, CSP plants and wind parks in Spain, Germany and other OECD countries.
Macquarie Asset Management’s investment was made on behalf of its institutional clients via a bespoke, long-dated, subordinated debt financing.
Managing Director in Macquarie Asset Management’s private credit team Tom van Rijsewijk said; “Spain has set an ambitious target of increasing its renewable energy capacity to 60GW by 2030, including 5GW of new CSP capacity. We are delighted to once again partner with Q-Energy to support Spain’s energy transition, providing flexibility and clean electricity to the grid through this innovative CSP technology.”