BayWa has sold a Spanish solar portfolio, consisting of three plants with a total capacity of 115 megawatts, to the L&G NTR Clean Power Fund, which is managed by Legal & General Investment Management (LGIM) and NTR. Financial terms were not disclosed.
Two of the pre-operational projects will be located in Castilla la Mancha, with the third located in Andalusia. All three of the projects have long-term power-purchase agreements in place with Nestlé; Huhtamaki, a global provider of sustainable packaging solutions; and Holaluz, a Spanish renewable-energy provider.
The projects are expected to begin operations in 2023 and will displace 51,525 metric tons of carbon emissions each year.
“Such investment in clean-energy infrastructure accelerates the development of new renewable installations and thus plays an important role in achieving vital climate goals,” said Benedikt Ortmann, global director of solar projects of BayWa.
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