Renewables developer Solaria has reached an agreement in principle with Spanish bank Banco Sabadell to finance a 175MW solar PV plant in Spain.
Located in the central province of Guadalajara, the ‘Oliva Solar’ project will be linked with the development of a data center based on a self-consumption model, with a guaranteed capacity of 70MW.
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In principle, Banco Sabadell will provide syndicated project finance for up to €93.5 million (US$106 million), with the agreement subject to the successful completion of the due diligence of the projects and the final approval of the bank’s risk committee.
As frequent readers of PV Tech will know, hyperscalers (the largest global data centre companies) are increasingly interested in powering their data centres with renewables – including solar PV and energy storage – particularly in the US. A recent report from the International Energy Agency (IEA) forecast that the global electricity demand from data centres will more than double by 2030 to more than 945TWh annually. Nearly 80% of that global data centre demand growth is set to come from the US and China, which will grow by 130% and 170%, respectively.
In Europe, data centre demand has “expanded massively” in Ireland, Jan-Phillip Kock, investment strategy manager at Encavis, said recently. Power purchase agreements (PPAs) and virtual PPAs were seen as the most effective, albeit imperfect, means to meet the growing electricity demand from data centres in the region. This was a conclusion from a panel at Solar Media’s Renewables Procurement & Revenue Summit earlier this month.
