Renewables company BayWa r.e has secured €32.5 million (US$34.7 million) in financing with German bank Norddeutsche Landesbank (NORD/LB) for a 54.1MWp solar project in Spain.
Located in Alhendín close to Granada, the solar farm is under construction and is scheduled for completion at the end of June this year. The project is expected to generate 96.8GWh of energy each year after connecting to the grid by the end of 2023.
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About 10% of the solar farm project will consist of a 5.1 MWp agrivoltaics installation. Moreover, the plant is part of two long-term power purchase agreements (PPAs) signed by BayWa r.e. and roof window manufacturer Velux Group, which includes the construction of another solar park in the Seville region. Both facilities will enable Velux Group to completely power its European operations with renewable energy by next year.
BayWa r.e claimed that the project will be the first agriPV corporate PPA in Europe.
“The Alhendín solar park, with all its innovative and pioneering aspects, is another example that Spain has a lot to contribute to the global renewable energy market. That is why BayWa r.e. is unwavering in its commitment to continue contributing to the energy transition in Spain, and this agreement is essential to make further progress towards this goal,” said Rafael Esteban, managing director of BayWa r.e. projects España.
Prior to this financing agreement, BayWa r.e also completed the financing of a solar farm in the Lazio region in Italy for €55.8 million in March. This deal was the first project from BayWa r.e. using structured financing in Italy.
Meanwhile in February, BayWa r.e. completed the construction of a 24.5MW floating solar PV (FPV) plant in Grafenwörth, Austria. The FPV system was built on the water surface of a former sand and gravel pit on two lakes. The 24.5MW system measures around 14 hectares and is the largest of its kind in Central Europe, according to the German company.