Renewables manager CEE Group has acquired a solar project in San Pedro del Pinatar in the Region of Murcia, in southern Spain, via its newly launched fund.
The Hamburg-based asset manager has invested an unspecified amount on behalf of the CEE Renewable Fund 8 (CEE RF8) to acquire the 102.5MW solar park project.
The project is in the construction phase and is scheduled to be connected to the grid in the second half of 2025. The project will rely on a power purchase agreement for the sale of the produced electricity.
The seller and EPC contractor is a European corporation “with vast experience in the development, construction, and operation of renewable energy facilities”, CEE said.
In 2021 CEE purchased a 50MWp solar photovoltaic (PV) project in Villanueva from the same company which will also operate the plant for an initial period of five years.
The newly acquired project is the second transaction for CEE RF8, which was launched at the end of 2023. The closed-end alternative investment fund with a planned volume of €750m will invest specifically in hybridisation projects in addition to wind and solar parks and storage technology, CEE said.
The manager added that it will expand existing wind farms within its existing portfolio to include additional PV systems and storage solutions.
Detlef Schreiber, CEO of CEE Group, said: “Murcia offers excellent conditions for photovoltaic projects. Through the acquisition of the project in Pinatar, we achieved a lucrative addition to our CEE RF8 fund.
“Together with the PV park acquired in January in Stüdenitz Schönermark in Brandenburg, the solar park in San Pedro del Pinatar forms a good basis for the fund and ensures attractive long-term returns for our investors.”
The CEE Group currently has 47 onshore wind farms with an installed capacity of 655MWp and more than 54 PV projects with 1.2GWp in Europe.
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