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LUXCARA Acquires An Additional Solar Portfolio In The UK

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LUXCARA, an independent European asset manager for renewable energy investments, has acquired two additional solar projects in the United Kingdom from Conergy. On completion, the plants will have a total output of 19.5 MW. LUXCARA will add the portfolio to its third renewable energy fund, FLAVEO Infrastructure Europe SCS SICAV-FIS "“ Solar and Wind. This means that the fund portfolio has increased almost over 190 megawatts since its launch in September 2015, comprising solar farms and onshore wind farms in Germany, the United Kingdom and Norway. The investment volume is just above EUR 500 million.

"We have succeeded in acquiring another attractive project portfolio from Conergy. Both projects will be connected to the grid in June 2016 and receive a feed in tariff. This means a stable, long-term contribution to the overall fund portfolio is guaranteed for our investors," commented Dr Alexandra von Bernstorff, Managing Partner of LUXCARA.

"We are thrilled to strengthen our relationship further with LUXCARA with the sale of this portfolio "“ our second to LUXCARA this year," said Rasmus Friis, Conergy's President of Europe, Middle East, Africa and India. "Conergy's fully integrated business model has allowed us to present LUXCARA with solar sites of the highest quality that we know will bring an abundance of social, economic and environmental benefits to their respective communities."

The solar farm in Manor Farm in Wales has an output of 9.5 MW, while the farm in Laceby in the north-east of England has an output of 10.0 MW. Both of the plants are FIT (feed-in tariff) projects, long-term subsidised projects with a fixed feed-in tariff. This is made possible by a CIC (Community Interest Company), a special form of non-commercial enterprise in which the local community participates in the profits generated by the respective plant.

"Our many years of expertise, solid network and strong reputation mean we enjoy the broad market access we require to identify high-quality, sustainably profitable renewable energy projects and acquire them for our investors. The fund that was launched in September 2015 currently has a subscription volume of EUR 170 million, of which 80 percent is already invested in assets following the latest acquisition, and we are in the process of negotiating further transactions," added von Bernstorff.

The third fund Solar and Wind launched and managed by LUXCARA is a sub fund of the FLAVEO Infrastructure Europe SCS SICAV-FIS partnership and is exclusively for institutional investors, who can invest through subordinate bonds, securitisations and direct investments.

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