German asset manager Luxcara GmbH has entered into an investment agreement with Danish solar developer BeGreen A/S concerning four photovoltaic (PV) parks in Denmark with a total capacity of up to 415 MWp.
Hamburg-based Luxcara announced the deal on Wednesday, saying that it will lead to the creation of the largest Danish solar power portfolio to date. Two of the plants will be built in the municipality of Faxe and the other two will be located in Vordingborg and Herning, respectively.
While first power is seen to be delivered in 2021, the four zero-subsidy solar farms should be fully completed in 2023, at which point they will be able to produce enough electricity to supply some 120,000 homes.
Under the terms of the agreement, BeGreen will build, operate and maintain the plants, whilst Luxcara will manage them for institutional investors.
“The electricity will be sold to an off-taker under a long-term power purchase agreement or at the Nord Pool spot market,” commented Philip Sander, Managing Director of Luxcara.
Deloitte, EY, Kromann Reumert and Krug & Schram all provided advice to BeGreen with regard to the agreement, while CMS Deutschland, Reuther Rieche, Lundgrens, Ramboll Energy and Marsh consulted Luxcara.