Grenergy secures cash for 200-MW solar project in Spain

• Spanish renewable resource business Grenergy Renovables SL (BME: GRE) has actually raised near to EUR 110 million (USD 133.9 m) in lendings to sustain the growth and building of the 200-MW Escuderos solar project in Spain.

The business said it has actually signed an environment-friendly funding arrangement with financial institutions to safeguard EUR 96.7 million as well as obtained a subordinated debt to the tune of EUR 12.9 million from Madrid-based equity capital firm Axis Participaciones Empresariales SA.

The agreement with financial institutions includes a senior financial debt of around EUR 64 million provided by Germany's KfW IPEX-Bank GmbH, while Spanish lending institution Bankinter SA (BME: BKT) is adding EUR 32 million. The quantity covers financial debt for the building duration and also additional 17 years, Grenergy claimed.

The bank funding is considered environment-friendly as independently validated by G-Advisory, according to the business.

The funds will aid Grenergy construct one of the largest solar ranches in Spain. The Escuderos plant will certainly be located in Poveda de la Obispalia, in Cuenca province. It will include greater than 342,000 photovoltaic or pv (PV) panels inhabiting an area of over 350 hectares (864.9 acres).

As soon as online, Escuderos will create about 385 GWh of electrical power per year and run under an off-take agreement with Portuguese energy major Galp Energia SGPS SA (ELI: GALP). The contract is readied to run for 12 years.