Solaria bags €59.45m from Banco Sabadell for large-scale PV portfolio in Spain
Image credit: Solaria Energia y Medio Ambiente
Solaria Energia y Medio Ambiente has nailed a long-term financing agreement with Spanish bank Banco Sabadell for the development of four PPA-backed PV plants, totalling 108.5MW.
The bank will provide €59.45 million (US$65.46 million) to the developer for a 16-year period.
The plants are contracted to Spanish oil major Repsol for a period of seven years.
Solaria’s head of investor relations David Guengant told PV Tech in July that the firm had 75MW of operational PV in Spain, of which 35MW was subsidy-backed, and a further 400MW under development.
The Madrid-based firm wants to deploy 650MW of domestic PV annually and become the country’s top independent power producer by 2023, with a total pipeline of 3GW.
In October, the firm expanded the capacity of its major Trillo project in the Guadalajara region from 450MW to 626MW, after revealing that it had secured a favourable grid connection (IVA), a feasibility access permit and debt financing for the plant earlier that month.
The Trillo project is Solaria’s largest and will be one of the biggest solar plants in Europe.
Solaria launched in 2002 as a manufacturer of panels and modules, becoming listed in Madrid five years later.
The prospects and challenges of solar's new era in Europe and beyond will take centre stage at Solar Media's Solar Finance & Investment Europe (London, 5-6 February) and Large Scale Solar Europe 2020 (Lisbon, on 31 March-1 April 2020).
Solar Finance & Investment Europe
The business of solar is changing, as the industry scales up, technology, IT and new players to the market will add complexity. This sparks a host of opportunities such as co-location of solar and storage and the rise of unsubsidised solar projects as well as challenges which will question the very business model of European solar asset owners. Solar Finance & Investment Europe is the meeting place for institutional investors, sovereign wealth funds, solar, wind and storage funds and large energy buyers to do business.
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