Signal Iduna and its financial subsidiary HANSAINVEST Real Assets acquired the 650 MW Witznitz Solar project in Lake Hainer near Leipzig, Germany.
The project is subjected to planning approval. Moveon Energy is developing the project, and it plans to install more than 1.1 million solar modules and is likely to start the construction works by this quarter and is expected to be completed by Q2 2023.
Moveon Energy will take over the operational management of the project. It will operate 45 MW of it in its portfolio.
The energy produced will be available to industrial and large customers without state subsidies utilizing long-term power purchase agreements (PPAs).
“Investing in renewable energies is a strategic goal of our capital investment. The project, implemented without state funding, makes a significant contribution to achieving an attractive return for our customers in a low-interest environment,” comments Ulrich Leitermann, Chairman of the Board of Directors at Signal Iduna.
In April 2022, Ingka Investments, an investment arm of Ingka Group, acquired nine solar PV projects totaling 440 MW in Germany and Spain from solar PV developer Enerparc. The expected generation capacity of the solar PV projects is around 300 MW in Germany across four solar development projects and 140 MW in Spain across five solar development projects. The total investment in the solar PV development portfolio will amount to approximately €340 million (~$371 million).
Recently, Canadian Solar, a vertically integrated manufacturer of silicon ingots, wafers, and PV cells and modules, signed an agreement with SPIC Brasil, a power generation company in Brazil, to sell a 70% stake in 738 MW of solar projects in Brazil. The projects Marangatu and Panati-Sitia have an installed capacity of 446 MW and 292 MW and are in Piaui and Ceara, the Northeastern states of Brazil, covering an area of 2,200 hectares.
Large-scale solar project acquisition activity remained strong, with over 23 GW of solar projects acquired in Q1 2022 compared to 13.1 GW in Q4 2021, according to Mercom’s Q1 2022 solar funding and M&A report.