Solar power firm Solarcentury has secured €54.8 million of funding for the construction of two large-scale solar farms in Spain.
The banking facilities comprise a €27.7 million Trade Loan from NatWest and a €27.1 million guarantees line from HSBC UK, with both sources of funding supported by UK Export Finance, the UK’s export credit agency.
They will support the construction of the 300 MWp Talayuela solar farm in Cáceres, Extremadura, which reached financial close in November 2019, and the 200 MWp Cabrera solar farm in Alcalá de Guadaira near Sevilla.
The two projects are part of Solarcentury’s 1 GWp solar pipeline in Spain, the company said.
“With the project financing in place alongside these new facilities, construction has now begun on the landmark Talayuela project,” said Neil Perry, Chief Financial Officer of Solarcentury. “Together with Cabrera Solar, where building commenced in July, these are two of the largest solar energy generation plants ever to be developed in Spain and among the most important in Europe, with a financing model that is free from public subsidies.”
The Cabrera project will comprise four 50 MWp plants, and is expected to be connected to the grid by September 2020.