Seven solar projects being developed by Spanish company Solaria Energía y Medio Ambiente in its homeland have secured up to €68 million finance with the help of EU lender the European Investment Bank (EIB).
The European lender said it will provide project finance of up to €51.7 million for the projects in Castilla y León, Castilla-La Mancha, and Extremadura, which will have a total generation capacity of 261 MWp and are expected to generate 477 GWh of solar power annually – enough to power 121,300 Spanish homes, according to the EIB.
The EU institution said yesterday it would also offer Solaria a debt service reserve of up to €2.3 million for the solar plants.
In addition, French bank Natixis – part of the French Groupe BPCE banking co-operative – has borrowed a further €14 million from the EIB to back Solaria's projects, with the involvement of the EU entity ensuring better credit terms for the solar developer.
The EIB said the Spanish government is aiming to generate 42% of its gross final energy consumption from renewables this decade.
This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact: editors@pv-magazine.com.
By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.
Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.
You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.
Further information on data privacy can be found in our Data Protection Policy.