Australian investment bank Macquarie Asset Management has made a €90m ($109m) debt investment in a 120MW concentrated solar power (CSP) plant portfolio in southern Spain.

Located in Andalusia, the portfolio consists of the 20MW Gemasolar tower plant and two parabolic trough solar parks, Valle I and Valle II, each with 50MW of capacity.

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The Valle plants can operate at temperatures of up to 400°C, while the Gemasolar plant can reach operating temperatures of more than 550°C.

The portfolio will generate enough clean energy to power more than 84,000 Spanish households while offsetting 126,000tpa of carbon emissions.

Owned by European renewable energy asset manager Q-Energy, the portfolio has been in operation since 2011.

Q-Energy partner and chief investment officer Daniel Parejo said: “We are pleased to deepen our partnership with Macquarie through our fourth successful financing together in recent years.

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“Q-Energy has become one of the most active renewable energy project bond issuers in Europe, having placed more than €2bn with tier-one institutional investors, including Macquarie.”

Macquarie Asset Management invested in the solar portfolio on behalf of its institutional clients through a bespoke, long-dated, subordinated debt financing.

Macquarie Asset Management Private Credit team managing director Tom van Rijsewijk said: “Spain has set an ambitious target of increasing its renewable energy capacity to 60GW by 2030, including 5GW of new CSP capacity.”

Since 2012, the Private Credit team has invested almost €2.6bn ($3.1bn) in more than 35 renewable energy projects, with a total installed capacity of around 13.7GW.

In February, Macquarie generated more than €1.6bn ($1.9bn) to invest in renewable energy projects through its Green Investment Group Renewable Energy Fund II.

A total of 32 investors participated in the funding round, including pension funds, local government pension schemes, insurers and sovereign wealth funds.