Hamburg – Luxcara has signed a long-term power purchase agreement (PPA) in relation to a planned solar park in Spain. The plant will be built in the municipality of Espejo, between Córdoba and Málaga, in the Andalusia region, which benefits from high levels of sunshine. It will produce around 45 MW of power a year and meet the needs of more than 20,000 households.
A Hamburg-based CMS team headed by lead partner Dr Holger Kraft advised Luxcara on all legal aspects of negotiating the power purchase agreement. CMS has been advising Luxcara on renewable energy projects throughout Europe for several years, most recently on the acquisition of the Välikangas onshore wind farm project in Finland.
The special feature of this solar park project is that it is being realised without state-guaranteed payments. The business model is based on the electricity produced by the solar farm being bought under the terms of the PPA. The project is one of the first of its kind in Spain.
Luxcara is an independent asset manager that provides institutional investors with investment opportunities in the renewable energy and infrastructure space. The owner-managed company was founded in 2009. Luxcara acquires, structures, finances and operates renewable energy investments and infrastructure projects as a long-term investor, focusing on direct power purchase agreements. Luxcara’s portfolio includes solar and wind power plants in Europe with a total output of more than one gigawatt and the company has assets under management in excess of EUR 2.3 billion.
Dr Holger Kraft, Lead Partner
Dr Tilman Petersen, Senior Associate
Dr Constantin Lentz, Associate, all Energy