First Solar has sold its 9.9MW solar plant in Pereruela, Spain, to the European Solar Power Fund – a renewable energy fund managed by KGAL.
The system is under construction and, when completed in December, will generate 15,000MWh of electricity per annum. Gehrlicher Solar España is carrying out engineering, procurement and construction duties on the 37.6-hectare site.
“We are very glad about the successful acquisition of this exceptional solar farm in Spain and the opportunity to collaborate with highly-professional partners like First Solar and Gehrlicher,” said Klaus Wolf, managing director of KGAL. “The total capacity of solar farms owned and operated by KGAL's investment funds now exceeds 200MW.”
Guillermo Barea Herranz, CEO of Gehrlicher Solar España, added, “We are happy about the successful realisation of this project together with our business partners. Based on our long-term experience and the high potential of the Spanish PV market, we look forward to installing many more PV systems in this region as well as in the rest of the world.”
As with other large, ground-mounted solar farms such as the 53MW Lieberose solar farm in Germany and 26.3MW Badajoz solar farm in Spain, First Solar helped to organise third-party financing in addition to supplying solar modules—in this case, 122,000 FS Series 3 CdTe thin-film modules. The long-term funding for the project was arranged by HSH Nordbank, although details of the financial terms were not disclosed.