German renewables investor CEE Group has expanded its portfolio with the acquisition of a 103MW solar project located in San Pedro del Pinatar, Murcia, in southern Spain. The acquisition was made through the newly launched CEE Renewable Fund 8 (CEE RF8).
The solar project is currently in the construction phase and is set to be connected to the grid by the second half of 2025. The seller and EPC contractor, a European corporation with extensive experience in renewable energy development, construction, and operation, will oversee the project.
CEE Group has previously demonstrated its commitment to solar energy in Spain, having acquired a 50MW solar project in Villanueva in 2021 from the same European corporation, which will operate the plant for an initial period of five years.
“The acquisition of the Project in Pinatar represents a significant addition to our CEE RF8 fund,” stated Detlef Schreiber, Chief Executive of CEE Group. “Murcia offers excellent conditions for photovoltaic projects, and together with the PV park acquired in January in Stüdenitz Schönermark in Brandenburg, the solar park in San Pedro del Pinatar forms a good basis for the fund and ensures attractive long-term returns for our investors.”
CEE RF8, a closed-end alternative investment fund (AIF) with a planned volume of €750 million, focuses on hybridisation sites, wind and solar parks, and storage technology. It aims to expand existing wind farms within CEE Group's portfolio to include additional solar systems and storage solutions, aligning with Article 9 of the EU Taxonomy and tailored to institutional investors' needs.
Schreiber also highlighted the strengthened partnership with their Spanish counterpart: “I am also delighted that we have been able to strengthen our relationship with one of our Spanish partners, with whom we have now concluded our second successful transaction.”
