Solar

White Owl Acquires 1.7 MW Solar PV Project

White Owl Capital AG (WOC), has purchased a 1.7-megawatt solar photovoltaic (PV project in Spain. The plant was constructed near the village Castuera, about 350 kilometers southwest of Madrid, and was put into operation in September 2008.

IBC Solar, based in Bad Staffelstein, Germany, supplied the project with 7,680 multi-crystalline modules with cells from Q-Cells. IBC Solar also built the turnkey plant. The inverters for the project came from SMA.

WOC financed the transaction with about 70 percent debt. The debt provider was an unnamed Spanish institution. The agreed interest rates are below 4.5 percent with a loan duration over 20 years.

“The purchase of Castuera fits exactly into our security oriented strategy. During the boom phase of 2008, solar parks with a volume of around €12 billion [US $16 billion] have been built in Spain. From this asset, there are plenty of attractive purchase objects. Currently we are examining solar parks connected to the grid of over 80 MW and we are just before closing further contracts,” said Tobias Pehle, executive of White Owl Capital AG.