Spanish solar projects secure €68m credit lines

Seven PV plants being planned by Solaria have received direct backing from the European Investment Bank, with the EU lender also the source of a €14 million loan to Natixis which will be passed on to the Spanish developer.

The cash will finance more than 260 MW of new solar capacity.

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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.

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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.

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