Luxcara seals finance for 171MW German PV – reNews

Asset manager Luxcara and UmweltBank have achieved financial close on the under-construction 171MW Tramm-Gothen solar farm in Germany.

Tramm-Gothen is located in the municipalities of Tramm and Lewitzrand in the state of Mecklenburg-Western Pomerania.

It is owned by renewable energy funds for institutional investors advised by the Luxcara.

The mid-double-digit million financing amount was provided by the bank UmweltBank, which is focussed on financing renewable energy projects.

Equity is provided by renewable energy funds, advised by Luxcara.

The proceeds of the transaction will be used to fund the ongoing construction of the project.

Start of commercial operation is expected in the first quarter of 2022.

The produced electricity will be sold under a power purchase agreement with a tenor of 10 years.

Luxcara managing partner Alexandra von Bernstorff said: “We are delighted to continue our collaboration with UmweltBank and look forward to further supporting Germany’s energy transition.

“This transaction demonstrates, once again, that our proven strategy to acquire, structure and finance PPA-based renewable energy projects is a sustainable and economically attractive investment proposition for institutional investors.”

UmweltBank board member Goran Basic said: “The Tramm-Gothen solar farm is another milestone on Germany’s way to energy transition and a lighthouse project of UmweltBank’s…