Union Investment has announced that its infrastructure fund has reached its target volume of €320 mln following an additional purchase in Ireland.
The fund, dubbed UniInstitutional Infrastruktur SICAV-SIF, now comprises nine wind farms and solar parks with a total output of around 150 MW. It was launched in 2012 with the goal of investing exclusively in plants for generating renewable energy in Germany, France, the UK and Ireland.
'We have invested in the generation of renewable energy at a European level to meet the needs of institutional investors, and are very satisfied with the results,' said Christoph Schumacher, a member of Union Investment Institutional Property's management team. 'The infrastructure fund is broadly diversified and exploits the good conditions for wind and solar energy at the various locations.'
The vendor of Carrowleagh Wind Farm is Irish company Aeropower Wind Energy. Tapbury Management of Ireland is responsible for the ongoing operation of the facility. The onshore wind farm produces an estimated 97.8 GWh of electricity a year, covering the annual requirement of around 305,000 households.
Union Investment was advised on the acquisition by London-based Green Evolution Capital and law firm McCann FitzGerald of Dublin. Aeropower Wind Energy was advised by Berlin based First Berlin Securities Brokerage and law firm Eversheds.
