Facebook and Luxcara, one of Europe’s leading asset managers for renewable energy investments, have entered into long-term power purchase agreements (PPAs) for 100% of the output and environmental (green) attributes of three contiguous wind projects (Gravdal, Skinansfjellet and Eikeland-Steinsland) in southwest Norway. The projects, known collectively as the Bjerkreim cluster, will consist of seventy wind turbines of 4.2 MW each and should reach commercial operation in Q4 2019. Facebook’s PPAs will provide the longterm financial certainty needed for the projects, which comprise an aggregate investment exceeding 400 million Euros, to be financed, constructed, and operated by Luxcara. The 294 MW of capacity is projected to add more than 1,000,000 megawatt hours of new clean and renewable energy to the Nordic grid each year.
“We are very happy to have entered into an agreement with such a strong corporate partner. Facebook’s engagement gives proof to Luxcara’s commitment to making renewable energy the most attractive option in every regard for our partners”, says Dr. Alexandra von Bernstorff, Managing Partner of Luxcara.
“We are excited to partner with Luxcara on our largest European renewable energy solution to date. Facebook is committed to bringing new supplies of renewable energy to the electric grid not only to support our facilities, but to encourage the growth of clean and renewable resources.” said Vince Van Son, Facebook’s Commercial Director for Energy and Infrastructure.
The projects are part of a portfolio of renewable energy assets for institutional investors managed by Luxcara. Once operational Bjerkreim and Egersund, which was connected to the grid last year, will increase Luxcara’s wind energy portfolio in Norway to more than 400 MW. The German asset manager and its regional business partners developed the projects in close cooperation with the local communities.
Luxcara is an independent asset manager that creates investment opportunities in renewable energy and infrastructure for institutional investors. The owner-managed company was founded in 2009 by the sole shareholders, Dr. Alexandra von Bernstorff and Kathrin Oechtering. Luxcara acquires, structures, finances and operates renewable energy portfolios with emphasis on selling energy based on long-term power purchase agreements.
Luxcara's portfolio comprises solar and wind power plants in Europe with a total capacity of almost one gigawatt and an investment volume of nearly 2.3 billion euros. With this extensive track record, Luxcara is one of the most experienced asset managers in the renewable energy sector.