The L&G NTR Clean Power (Europe) Fund, managed by Legal & General Investment Management (LGIM), has financed three solar projects in Spain with a combined capacity of 115 megawatts, according to Renews.Biz.
The portfolio consists of two sites in Castilla la Mancha and one in Andalusia, with the first currently exporting power and expected to achieve commercial operations this month. Nestle Spain and Nestle Portugal, Huhtamaki and Holaluz have signed power-purchase agreements for the three projects, from which they will secure 70 percent of the power generated during the next 10 years.
NordLB served as the sole debt provider and hedge counterparty, providing €50 million ($55 million) of debt facilities with a debt tenor of 18 years.
In April, LGIM and renewable-energy specialist NTR announced the first closing of L&G NTR Clean Power (Europe) Fund, raising €390 million ($426 million) from institutional investors. The Luxembourg-based fund,