The L&G NTR Clean Power Fund has successfully financed three solar projects in Spain in collaboration with Nord/LB. Nord/LB, serving as the sole provider of debt and hedge counterparty, has extended debt facilities amounting to approximately €50 million, with a repayment period of 18 years.
The portfolio comprises two locations in Castilla la Mancha and one in Andalucia. All three projects are currently under construction, with the first site already generating and exporting power. It is expected to commence commercial operations later this month.
Once fully operational, the combined capacity of the developments will reach 115 megawatts peak, generating enough clean energy to power 51,424 homes.
Power Purchase Agreements have been signed with three parties, including Nestle Spain and Nestle Portugal, Huhtamaki, and Holaluz.
These agreements ensure that 70% of the electricity generated across the three projects will be utilized by the aforementioned entities over the next decade.
In a separate transaction, the fund has also acquired the Ferme Eolienne Cruscades and Canet, an onshore wind project located near Narbonne, France.
The project consists of six turbines and has a total capacity of 13.4 MW.
Construction is already underway, and the acquisition was made from Samfi Energy, a subsidiary of the Samfi Invest group. This wind project will provide clean energy to more than 5,500 households.
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