Asset manager CEE has closed the purchase of a solar PV park located in San Pedro del Pinatar (Murcia), which will have a capacity of 102.5 megawatt peak. The facility is currently under construction and is scheduled to be connected to the grid in the second half of 2025.

This is the second purchase by the German company's Renewable Fund 8 (CEE RF 8), specialised in renewable energy, and the first in Spain. It had previously acquired a 50-megawatt peak project through another investment vehicle. On both occasions, the seller has been the EPC contractor, which specialise in the development, construction and operation of renewable energy facilities, and which will also operate the plant for an initial period of five years.

346 hours of sunshine per month
The two projects acquired by CEE are located in the region of Murcia, one of the regions that receives the most solar radiation in Spain, with 346 hours of sunshine per month. This circumstance has supported CEE's purchase decision, which explains that the project will include a power purchase agreement (PPA) for the sale of the electricity produced.

The CEE RF 8 fund has a planned volume of 750 million euros, which will be invested in hybridisation projects, wind and solar farms and storage technology. Among other initiatives, the wind farms in its current portfolio will be expanded to include solar PV  systems and storage solutions.

Attractive long-term profitability
CEE Group CEO Detlef Schreiber said that Murcia offers "excellent conditions for photovoltaic projects. By acquiring the project in Pinatar, we achieved a lucrative addition to our CEE RF8 fund", since, he explained, "it guarantees an attractive long-term return for our investors." Referring to EPC, he added, "I am delighted that we have been able to strengthen our relationship with one of our Spanish partners, with whom we have concluded our second successful transaction.

The CEE Group currently has a portfolio of 47 onshore wind farms in Europe, with an installed capacity of 655 megawatt peak and more than 54 solar PV projects with 1.2-gigawatt peak capacity.

^{Photo: CEE}