VH Global Sustainable Energy acquires 248.4 MW solar and wind portfolio across Europe
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VH Global Sustainable Energy Opportunities PLC, a London-listed investment company, announced the acquisition of a portfolio of seven solar and two wind assets across Europe, with a total installed capacity of 248.4 MW.
Once fully operational, the capacity would generate 489,900 MWh per year while saving 50,000 tonnes of CO2 emissions per annum.
The company also said that the transaction will be completed in two phases.
The initial phase of the investment involves acquiring a portfolio of five assets with a total generation capacity of 59.8 MW and project rights for four ready-to-build (RTB) solar PV assets in Spain, which have a combined generation capacity of 188.6 MW.
The second phase of the investment involves financing the construction of the 188.6 MW ready-to-build solar PV assets, with a total allocation of EUR 45 million in the fourth quarter of this year. A European strategic fund (equity co-investor) and project finance debt will fully fund the construction.
Richard Lum, Co-CIO of Victory Hill Capital Partners, said, “The transaction commits capital previously earmarked for the second project in our UK flexible power and carbon capture and reuse (CCR) programme to a programme which will generate yields for shareholders in a more time efficient manner, without compromising on returns.”
Read more: EU wind and solar power up by 46%, report finds
After the second phase is completed, the company will be the largest owner of the portfolio, with an effective ownership of 43.5%.
The remaining ownership will be divided between the equity co-investor and joint venture partners, Spanish Power S.L., a developer and owner of renewable projects in Iberia and Sweden.
Lum added, “Through this programme, we will work with our joint venture partner, Spanish Power, S.L., to capture favourable revenue opportunities caused by this emergent demand side dynamic.”
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