Macquarie Asset Management has invested €90 million (£77.4m) in a portfolio of concentrated solar power (CSP) plants in southern Spain.

The 120MW capacity portfolio, which is located in Andalucia, includes what is described as the world’s first solar plant to achieve 24-hour operations, the 20MW Gemasolar tower plant.

The solar assets, owned by the European renewable energy project manager Q-Energy, produce enough energy to power the equivalent of more than 84,000 homes

It is also estimated that their operations avoid nearly 126,000 tonnes of carbon dioxide emissions every year.

Tom van Rijsewijk, Managing Director in Macquarie Asset Management’s Private Credit team, said; “Spain has set an ambitious target of increasing its renewable energy capacity to 60GW by 2030, including 5GW of new CSP capacity.”