Fotowatio Renewable Ventures (FRV) has announced that it has secured funding to develop an 11MW solar PV plant in the municipality of La Rioja, Spain.
The solar power plant, which is expected to generate 16 million kWh of renewable electricity annually, secured financing through a €45 million funding agreement with the German bank Landesbank Baden-Württemberg (LBBW).
FRV will own and operate the solar power plant and has contracted Würth Solar to construct, operate and maintain it.
“With the development and financing of this 11MW solar project, FRV consolidates its position in Andalusia, one of the regions with the highest insolation levels in Europe. We also expand our network of engineering procurement contractors (EPCs) and financial providers working with Würth and Landesbank Baden Württemberg,” said Rafael Benjumea, CEO of FRV.