Spanish PV developer X-Elio has secured €89 million (US$96.8 million) to develop three solar PV projects in Spain with a combined capacity of 123MWp.
The funds will be allocated for a solar PV project in Almeria which is reaching the end of its construction phase. Two other solar PV plants, located in Murcia and Granada respectively, have been under construction since the end of 2023.
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The financing was closed in February 2024. French bank Société Générale is the sole bookrunner, mandated lead arranger and hedge provider of the funds.
Currently, X-Elio operates 199MW of solar PV projects in Spain. About 360MW of projects are under construction in the country, including a 50MW solar PV project located in Extremadura, announced in February 2024.
In late 2023, X-Elio closed a €35 million project financing agreement with fellow Spanish financial services company Bankinter. The money supported 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, with the other under construction, expected to be completed by the end of the year. The other 17MW will be at a project in Murcia, in the region of Fuente Álamo.
Last year, the Ministry of Ecological Transition (MITECO) in Spain updated its National Energy and Climate Plan (NECP) with an increased target for solar PV of 76GW by 2030, doubling the previous target for installed solar capacity that was set at 39GW. From the updated 76GW target, 19GW will come from self-consumption, while the country seeks to reach a total installed electricity capacity of 214GW by 2030.
Aside from adding more renewables projects, Spain also unveiled a €750 million renewables and storage manufacturing scheme last month. The funds will be provided through Spain’s recovery and resilience plan (PRTR) and are aimed to incentivise the production of equipment and components for solar panels, batteries and electrolysers, among other technologies. According to MITECO, future rounds could add other aspects of the supply chain.
| PV Tech publisher Solar Media will be organising the 12th annual edition of Large Scale Solar Europe in Lisbon, Portugal, 26-27 March. The event will explore the solar manufacturing future in Europe, panel on several markets including Italy, Ireland and Czechia as well as permitting and planning bottlenecks among others. More information, including how to attend, can be read here. |