Spanish PV developer X-Elio has closed a €35 million (US$38 million) project financing agreement with fellow Spanish financial services company Bankinter. The money will support the development and operation & maintenance (O&M) of 67MW worth of solar PV projects.
The majority of the financing will go towards 50MW of capacity in two projects located in the municipality of Xixona in the Valencian Community. One of these is operational and the other under construction, expected to be completed by the end of the year.
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The other 17MW capacity will be at a project in Murcia, in the region of Fuente Álamo.
X-Elio was fully acquired by renewables asset manager Brookfield Renewable in March this year, following a number of years in which it was joint-owned by Brookfield and fellow investor KKR.
Then, in April, the company secured €102 million (US$111 million) in debt, guarantees and credit to support 147MW worth of PV developments in Spain.