LUXCARA purchases wind farm with 111.2 MW in Norway

Hamburg (renewablepress) - LUXCARA, one of Europe´s leading asset managers for renewable energy investments, has expanded the portfolio of its third renewable energy fund, FLAVEO Infrastructure Europe SCS SICAV-FIS – Solar and Wind, with an onshore wind farm in Norway. The project Egersund will have a capacity of 111.2 MW and increase the size of the portfolio of the fund, launched in September 2015, to 190 MW. The fund portfolio currently comprises solar- and wind farms in Germany, the United Kingdom and Norway.

“With the wind farm Egersund, we have succeeded in acquiring one of only a few major onshore projects in Europe. The site is one of the best-suited locations in Europe for generating wind energy,” comments Dr Alexandra von Bernstorff, Managing Partner of LUXCARA. “In addition, we are shortly about to conclude a long-term, euro-denominated power purchase contract with a well-known partner,” continues von Bernstorff.

Thanks to its location directly on the southwest coast of Norway, the Egersund site offers extremely good conditions for the generation of wind power. This enables the total of 33 wind turbines to generate very high yields throughout the year. “The excellent quality of the location combined with a long-term power purchase agreement will ensure sustainable cash flows and generate reliable returns for our investors,” emphasizes von Bernstorff.

The wind farm is scheduled to commence operations in August 2017. The seller is the experienced Norwegian project developer Norsk Vind Energi AS, which has already established and operates wind farms in Norway. It will also continue to perform maintenance for the wind farm in Egersund on behalf of LUXCARA.

“We are very satisfied about the agreement with Luxcara, enabling the realization of Egersund, a major wind park development. It will contribute to meeting Norway`s renewable targets as well as bringing new employment to a region suffering from reduced oil & gas activity,” says Lars Helge Helvig, CEO of Norsk Vind Energi.

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


About LUXCARA
LUXCARA is an independent asset manager specialising exclusively in renewable energy investments for institutional investors. The owner-managed company was founded in May 2009 by the sole managing partners, Dr Alexandra von Bernstorff and Kathrin Oechtering. LUXCARA acquires, structures, finances and operates renewable energy portfolios in the long term, and manages an investment volume of approximately EUR 2 billion.
LUXCARA´s portfolio of solar farms and onshore wind farms is located in Germany, France, Italy, the United Kingdom and Scandinavia with a total output of over 500 megawatts. This makes LUXCARA one of the most experienced asset managers in the field of renewable energy with an extensive track record.


About Norsk Vind Energi AS
Established in 1996, Norsk Vind Energi (NVE) has constructed and operates 75 MW of wind power and another 500 MW is under development. The company is considered to be the leading privately owned wind developer in Norway. Their co-owned wind farm Høg-Jæren has won Norway´s prize for the best wind farm three years in a row.


Hamburg, 16 September 2016


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