FVR closes financing for 50 MW of solar in Spain

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Spanish solar developer Fotowatio Renewable Ventures (FRV), a unit of UAE-based Abdul Latif Jameel Energy, secured a financing agreement with Spanish lender Banco Sabadell for the construction of the 50 MW La Solanilla PV project.

FRV has not provided details on the amount of financing for the plant, which was awarded a favorable environmental impact assessment from the regional government of Extremadura in mid-September.

Construction is scheduled to start at the end of the year in the town of Trujillo, 50 kilometers from Cáceres. Spain’s Cobra is acting as EPC contractor. According to FRV, approximately 300 jobs will be created during the construction phase.

The project, selected by the Spanish government in last year’s auction, must start delivering power by the end of 2019.

Cobra, a unit of the industrial conglomerate ACS Group, secured the largest share in July’s auction, with 1.55 GW of assigned projects, followed by X-Elio (455 MW), Endesa (338 MW), Forestalia (316 MW), Gas Natural Fenosa (250 MW), Solaria Energía (250 MW), Prodiel (182 MW), Greenalia (133 MW) Alter (50 MW), Gestamp Wind (24 MW) and Alten (13 MW).