Impax New Energy acquires 15.5MW of operating solar PV projects in Spain
Tuesday, July 29, 2008
Impax New Energy Investors ("NEI") today announces that during July
it has acquired 15.5MW of operating solar PV projects in three
transactions in the Spanish regions of Extremadura and
Castilla-la-Mancha .
These acquisitions add to 15.6MW of solar PV projects that the
NEI bought in May and June, including 3MW in Extremadura and two
projects totalling 12.6MW in Castilla-la Mancha. In 2007 NEI also
purchased ca. 4MW now operational in the Toledo region.
Based on these six transactions in the past three months, Impax
New Energy Investors has now invested in just over 35MW of built
and operating solar PV projects in Spain.
"We are now invested in a diversified portfolio of Spanish PV
companies that has a total enterprise value of almost €300
million," said Peter van Egmond Rossbach, Director of Investments
at Impax Asset Management, the Manager of NEI.
The projects sell power to either Iberdrola or Union Fenosa
under Spain's 40-year feed-in tariff - the RD661 - now set at €455
per MWh and escalating at a Spanish inflation index, which for much
of 2008 has exceeded 4.5% on an annualised basis.
"Solar PV projects are reliable and relatively easy to operate
and manage over a 25-40 year life span, requiring some site and
financial management but relatively low downtime for maintenance or
repairs," said Rossbach. "We are very pleased with the project
economics, the strong production performance of the plants to date,
and the role of Iberdrola's affiliate Iberinco as our engineering
partner," he added.
Following a highly profitable exit from a minority equity
interest in the wind-energy developer Airtricity, sold for over
€1.08 billion to Scottish and Southern this February, NEI has
shifted focus to the solar sector, although it retains an
investment in an 80MW German wind farm.
"The Spanish PV market is currently very active but volatile.
The market predicts that Spain will have a hiatus in project
development as there is currently no clear or attractive tariff
available for projects completed after this September. We feel
we've achieved maximum value by closing this deal now," added
Rossbach.
The Fund has a €500m deal pipeline in the sector across
Europe.
About Impax New Energy Investors:
Impax New Energy Investors LP is a €125 million private equity
fund focused on renewable energy infrastructure, managed by Impax
Asset Management and sponsored by Dexia Credit Local of France.
The Fund targets the significant investment opportunities
arising from EU targets for renewable energy supply, and may invest
in construction or operating assets, and acquisition companies
owning such project assets.
About Impax Group plc:
Impax Group plc (Impax) was founded in 1994 as a specialist
finance house focusing on the markets for cleaner or more efficient
delivery of basic services of energy, water and waste. These
markets are expanding rapidly, as business and political leaders
encourage the development of cleaner products and services in
response to the increasing pressures placed on the environment.
Impax Asset Management (the trading entity of Impax Group)
manages or advises circa £1.2 billion of assets for institutional
and private investors, across a range of listed and private equity
funds.
For further information please visit: www.impax.co.uk
Carbon International
David Hopkins
david.hopkins@carboninternational.com
+44 (0)207 483 7202
Carbon International
Samantha Hill
samantha.hill@carboninternational.com
+44 (0)207 483 7205