LONDON - HgCapital's Renewable Power Partners Fund has invested in three Spanish solar photovoltaic (PV) plants. The consideration represents an enterprise value of €300 million, with the total output of 35.4MW. HgCapital purchased the stake from AIG Financial Products Corp., an AIG company and from 360 CORPORATE, a Spanish investment banking firm, for an undisclosed amount.

With this investment, HgCapital has controlling interests in 35 European renewable energy projects in construction, operation or development. The portfolio includes 300MW in operation or construction and a development pipeline of an additional 300MW, making HgCapital one of Europe's largest and most experienced renewable energy investors. Hg's operating and construction investments will reduce European CO2 emissions by an estimated 600,000 tonnes per year. This is HgCapital's first renewable energy investment in 2009. In 2008, the firm invested in the €185 million in the award winning Havsnäs wind farm in Sweden and expanded its UK wind farm development portfolio to 350MW.

The Spanish portfolio includes two fixed-axis projects (17MWp) and one project single-axis tracker project (18MWp). All projects qualified for the Spanish PV tariff between May and July 2008.

These PV projects are HgCapital's first Spanish and first solar investments, and follows HgCapital's pan-European and pan-technology renewable energy investment strategy. Spain is one of HgCapital's current priority markets for renewables investment. Jens Thomassen and Luigi Pettinicchio executed the transaction for HgCapital.