HIH Invest Real Estate (HIH Invest) acquired the Alcala solar park in Seville province in southern Spain. The ground-mounted photovoltaics plant was completed and connected to the electricity grid in December 2023 and already generates electricity income. The total output amounts to 15.1 MWp (Megawatt peak). The acquisition was completed on behalf of the HIH Green Energy Invest fund.
The seller is BayWa r.e., which developed the project and oversaw its construction asa general contractor. BayWa r.e. will also handle the technical and commercial management of the solar park for the long term. In a previous joint effort, BayWa r.e. and HIH Invest successfully implemented a wind farm project in France.
“With the acquisition of the Alcala solar park, we are enlarging the portfolio further while optimising its regional and technical diversification at the same time. The conditions on the ground in the sun-blessed province of Seville combine with the use of yield-optimised system components to provide optimal parameters for high-yield energy production. By investing in HIH Green Energy Invest, our clients actively contribute to the energy transition while the fund will pay them about 7 percent in returns on investment,” said Alexander Eggert, Managing Director of HIH Invest, as he commented on the acquisition.
Andre Rolff, Head of Transaction Management International at HIH Invest, added: “We acquired the solar park along with an existing virtual power purchase agreement (VPPA) for an initial term of ten years, which was signed with Boston Scientific, a major US medical technology vendor.”
The legal due diligence was conducted by the Hamburg-based law firm of CMS Hasche Sigle while the fiscal and financial audits were done by WTS GmbH based in Frankfurt am Main in collaboration with the Spanish law firm of ARCO Abogados y Asesores Tributarios in Madrid. Responsible for the technical due diligence was the engineering firm of K&S Ingenieur-Partnerschaft Krug & Schram in Munich. The project insurance coverage was reviewed by Gossler, Gobert & Wolters, a Hamburg-based industrial insurance broker.
Image provided by RUECKERCONSULT GmbH
Europe Real Estate — an overview of real estate developments in European countries.
