Another developer vying to make its mark on Spain’s subsidy-free scene has made progress, hitting financial close on a project and launching construction works.
Swiss player aventron said this week Banco Sabadell will back the 50MW Bargas plant in the Toledo province – just south of capital Madrid – with a debt package.
The statement did not specify the volumes of funding Sabadell will provide but PV Tech understands the debt-to-equity ratio will be roughly half-and-half.
The project is the first of a 100MW subsidy-free pipeline aventron is deploying alongside co-developer Synergia Energy Solutions, with plans for a second 50MW plant in the Murcia province.
Solarpack Corporación Tecnológica, which is the appointed EPC for both projects, has now received the notice to start building 50MW Bargas in Toledo.
The first plant should now take nine months to complete and is designed to produce 90GWh of annual clean energy volumes every year, according to aventron.
The Spanish subsidy-free duo is part of the Swiss group’s ambitions to reach 1GW in installed renewable capacity, with plans to hit the 600MW mark by the end of 2020.
The firm owns 58 rooftop PV plants (32.5MW all in all) across Switzerland, as well as a further 16 (3.5MW) in France. It is also the majority owner of two 12MW plants near Bordeaux, France.
With headquarters just outside Basel, the developer also manages an extensive portfolio of wind and hydropower in Europe.
For Solarpack, upcoming construction work in Spain comes after the firm hit milestones with projects in Latin America, including the opening in May of 123MW La Granja in Atacama.