MEAG MUNICH ERGO Asset Management GmbH acquired the 175-MW Don Rodrigo solar park in southern Spain from Germany-based BayWa AG for undisclosed terms.
The company said the project is "one of the largest solar parks independent of government subsidies in Europe." Stretched across 265 hectares of land, the facility hosts 500,000 photovoltaic modules. It has a 15-year power purchase agreement with the Norway's Statkraft AS.
BayWa will continue to provide technical services for the project.
MEAG manages the assets of Germany-based Munich Re Co. and its primary life insurance business ERGO.