re:cap global investors acquires Spanish solar farm from Green City AG
Munich, 15 January 2021 – The “El Marques” solar park, which was built by Green City AG, is now part of the third renewable energy fund of the FP Lux Investment Group. Swiss re:cap global investors ag successfully completed the transaction with Green City AG. The photovoltaic system is located in the north-east of Spain near Zaragoza.
After a construction period of only nine months, Green City AG launched its first solar park in Spain in March 2020. In cooperation with local partners, an ideal environment for the solar project was created in a very short time on an area of 18 hectares: in total, more than 30,400 modules were installed, which with an output of 12.3 MW are expected to produce around 20 million kilowatt hours of green electricity per year. 365 trackers make it possible to track the modules from morning to evening to the sun position in order to optimize the electricity production. This will enable about 6,500 households to be supplied and around 13,500 tonnes ofCO2 to be saved per year. “El Marqués” has been in full operation since the summer of 2020. The project is the first photovoltaic system of Green City AG without feed-in tariffs. To this end, a long-term electricity purchase agreement (PPA) has already been concluded with the Swiss group Alpiq in 2019.
Interaction between two experienced partners
The transaction was accompanied by the international investment and transaction consultant re:cap global investors ag, who is responsible for the evaluation and purchase of projects for the RE Infrastructure Opportunities fund. This was launched in 2019 by re:cap global investors and FP Investment Partners. Thomas Seibel, Managing Director of re:cap, on the acquisition of “El Marques”: “The solar park is our first Spanish investment for this fund and an important addition to our portfolio, because due to its geographical location, it convinces with high irradiation values. In addition, Spain is currently one of the fastest growing photovoltaic markets in Europe with high growth figures for non-subsidy projects. We are therefore pleased to have found a professional partner in Green City who has a lot of experience and with whom we will continue to work in the future.” Jens Mühlhaus, CEO of Green City AG, also draws a positive conclusion: “The interaction between the two companies has worked excellently, as we pursue a common goal: the rapid and continuous expansion of renewable energies. We will continue to pursue this path consistently in 2021. We have numerous projects based on PPA in Italy and Spain in development and if we then know partners like re:cap at our side, I look very confidently into the new year.”