BayWa closes €100 million financing for subsidy-free Spanish PV park

BayWa r.e. renewable energy GmbH has achieved financial close on €100 million construction bridge financing for its 174 MW solar PV project in Seville.

Construction on the large-scale project began in April.

Image: Baywa r.e.

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The German company closed the Construction Bridge Financing for Don Rodrigo solar PV park with NORD/LB Norddeutsche Landesbank.

Located in the municipalities of Utrera and Alcala de Guadaira, near Seville, Spain, the 174 MW project is employing modules from Chinese manufacturers, Astonergy and GCL, and inverters from Huawei.

In April, BayWa announced that construction work was already underway. It is expected to be grid connected by the end of the year. When complete, it will become one of Europe’s largest subsidy-free solar parks.

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The generated electricity will be sold to Norwegian Energy Group Statkraft under a 15-year PPA, signed also in April. No information about the power purchase price was disclosed by either party. However, as pv magazine reported in January of last year, the plant may sell power at around €0.038/kWh.

Commenting on today’s news, Benedikt Ortmann, Managing Director of BayWa r.e. Solar Projects GmbH said, “Having NORD/LB as one of our core Project Finance banks by our side also on financing this landmark project lets us even more confidently tackle the challenge of shaping the subsidy-free future of the European renewable energy transition.”

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