NIBC European Infrastructure Fund and Triodos Banks Ampere Equity Fund have just before year-end reached final agreement with the Spanish construction group Grupo Aldesa to acquire a 46MW solar portfolio consisting of 9 solar sites in Andalucia, Spain. The portfolio is the 3rd largest integrated operational solar portfolio in Spain.
The funds will initially acquire a 49% joint stake in the portfolio, and have the option to acquire the remaining 51% of the shares within a period of two years. The 9 plants were developed by Aldesa to a very high standard and are now all operational and enjoy the benefit of the attractive inflation adjusted Spanish feed-in tariff under RD661 for a period of 25 years. The portfolio has been financed with an 18 year EUR 250 million debt package provided by a syndicate of Spanish banks, including Santander, Banesto, La Caixa and Caja Madrid. The transaction is one of the largest renewables transactions in Europe in 2009, and is subject to clearance by the Dutch merger authorities. The parties have agreed not to disclose the final purchase price.
Both NIBC Infrastructure Partners and the Triodos Investment Management teams are particularly interested in investing in stable renewable energy infrastructure assets.