Grenergy Secures a Green Loan for Solar Farm in Spain, Belinchón

Feb 9, 2023 11:17 AM ET
  • Grenergy closes a financing deal for its 150MW Belinchón solar project in Spain with a green loan of €89.5m. Discover the latest sustainable energy news
Grenergy Secures a Green Loan for Solar Farm in Spain, Belinchón
Image: Marianna Proenca/Unsplash

What Happened?

Grenergy has closed a financing deal for the 150MW Belinchón solar farm in Spain with a green loan of €89.5m. The agreement was established with two banks, Norddeutsche Landesbank Girozentrale and Bankinter, and includes complementary credit lines for the construction and development of the park. Each bank will assume half of the senior debt of approximately €44.7m. The Belinchón solar park is already in the construction phase and is located in the municipality of Barajas de Melo in Cuenca.

Why Does it Matter?

The financing of the Belinchón solar farm is a significant step for Grenergy in furthering its commitment to Spain as its main market in Europe and solidifying its leadership in green financing. The project, which is the second largest built by Grenergy to date, will have around 230,000 photovoltaic panels and will occupy an area of over 300 hectares. Upon completion, it will provide clean energy to 31,000 homes and prevent the emission of around 115,010 tonnes of CO2 per year. The company has already signed a long-term energy sale agreement with an Iberian utility, which will be activated in January 2025.

What's Next?

With the financing secured, the construction of the Belinchón solar farm can proceed as planned. Upon completion, the electricity generated will be sold at market price until the long-term energy sale agreement is activated in January 2025. Grenergy currently has over 2GW of projects in various stages of development, further solidifying its position as a major player in the renewable energy sector.

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