Bitterfeld-Wolfen, 26 July 2011, Q-Cells SE has completed the sale of the Finsterwalde II & III PV power plants to Blue Forrest Solar Holding, a joint venture owned by DIF Infrastructure II ('DIF”) and the NIBC European Infrastructure Fund. The Finsterwalde II & III plants have a combined installed capacity of 40 megawatts-peak (MWp). Combined with the Finsterwalde I PV power plant, which was sold by Q-Cells in 2010, the overall Finsterwalde site has an installed capacity of 82 MWp, making it Germany’s largest solar PV site to date.
The Finsterwalde II & III solar PV plants are located south of the city of Finsterwalde in the federal state of Brandenburg, and comprise 171,888 crystalline solar modules, covering an area of 95 hectares from a former opencast coal mine. The solar modules were supplied and installed by Q Cells and are expected to generate enough power to supply around 10,000 homes; thereby reducing CO 2 emissions by around 23.000 tons per year
The Finsterwalde II & III PV plants were finally connected to the German grid in September 2010 and have operated successfully since then. Q-Cells will continue to oversee the operation and maintenance of the plants under a long term contract.
'The successful hand-over of the Finsterwalde II & III solar power plants is further proof of our expertise in the systems business,” said Q-Cells CEO Nedim Cen. 'We will continue to build on our long-standing experience as one of the leading international system integrators worldwide, further developing our strategic business with commercial solar installations. We focus on high-quality, safe products and efficient processes along the entire value chain, from development to construction, financing and reliable operation and maintenance of diverse solar applications.”
The transaction is another landmark renewable energy transaction in Europe for DIF and NIBC Infrastructure Partners, which are both experienced investors in the renewable energy sector. The transaction was financed with long-term loans by KfW IPEX Bank and Commerzbank. The parties have agreed not to disclose financial details.
'The Finsterwalde solar PV projects build on our experience in the renewable energy infrastructure sector.” adds Darren Kyte, Managing Director of NIBC Infrastructure Partners. 'This will be our fourth acquisition of an operational renewable energy infrastructure asset during the last 12 months. The acquisition will increase our PV portfolio to 86MWp in Europe, and our total renewables exposure to almost 200MWp across operational wind, solar and waste-to-energy assets. We look forward to our continued partnership with Q-Cells and DIF”.
'DIF is really pleased to complete this transaction, adding a significant German solar PV asset to its existing portfolio of French solar PV projects. The acquisition of 50% of Finsterwalde II & III solar PV plants is consistent with DIF’s objective to realise a balanced portfolio of wind and solar assets, with long term contract cover and a diversified energy resource, in its target markets for renewable energies,” says Christopher Mansfield, Managing Director of DIF Renewable Energy.
Source: Q-Cells SE