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HgCapital renewable energy fund tops €1bn

HgCapital Renewable Power Partners has made three new investments: two Spanish solar photovoltaic (PV) projects and one UK onshore wind project.

The transactions take the gross capital value of HgCapital’s renewable energy fund to over €1 billion and caps 2009 as its most active year since closing in December 2006, the investor says.

HgCapital’s renewable portfolio now includes 19 projects in construction or operation with 325 MW of capacity and a large development pipeline.

The two Spanish solar PV projects are:

  • A 12 MW operating project in the Castilla La Mancha region developed by Naturener SA; and
  • An 8 MW construction project in the Murcia region, developed by GA Solar and expected to be operational in April 2010.

HgCapital acquired the renewable energy projects with its local partner, Plenium Partners, a Madrid-based merchant banking firm.

Tom Murley, Head of HgCapital’s renewable energy team, says: “The last 12 months have been a landmark year for HgCapital’s renewables team despite the most difficult market in memory. Before the downturn we held our fire instead of rushing in at unsustainable valuations or taking on second tier assets. As the cycle turned, we were ready to step in and back great assets, applying our strong execution skills, evidenced by the simultaneous closing of three investments in two countries.”

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Photovoltaics (PV)  •  Policy, investment and markets  •  Wind power