RIC Energy Starts 60MW Spanish Solar, IPP Pivot

• RIC Energy sparks a 60 MW solar build in Spain, pivoting to IPP ownership to capture long-term revenues as Spain’s solar investment surge intensifies.

RIC Energy, a Spanish renewables developer, has begun construction on roughly 60 MW of solar farms in Spain, marking a strategic shift into independent power production. The initiative follows more than two decades in which the company focused on developing projects for third parties, signaling a bid to retain generation assets and long-term revenues.

The project underscores accelerating investment in Spain’s solar market as developers move up the value chain. RIC Energy did not disclose specific site locations, timelines, partners, or financing details, but the build-out is positioned as a cornerstone of its IPP expansion strategy in its home market.

Where, when, and how will RIC Energy finance its 60 MW IPP rollout?

• Where: Predominantly with Spanish commercial banks via non-recourse project finance at the SPV level, complemented by EU-focused lenders and green private credit funds; equity at the holdco from retained earnings plus potential co-investment from infrastructure funds; access to state-backed green credit lines (e.g., ICO) and potential EU recovery/innovation incentives where eligible.
  
• When: Staggered financial closes aligned with notice-to-proceed on each tranche over the next 12–24 months; construction debt drawn during build, then portfolio-level refinancing into long-term debt 6–18 months post-COD as assets stabilize.
  
• How: Capital stack of roughly 65–80% senior debt and 20–35% equity; estimated capex of €36–48 million (≈€0.6–0.8m/MW); revenue underpinned by one or more long-term corporate PPAs covering the majority of output with a managed merchant tail; interest-rate and price hedging to stabilize cash flows; use of EPC deferred payment and O&M contracts to optimize DSCR (target ~1.25–1.35x) and leverage; potential mezzanine/top-up facilities to bridge during construction and collapsed post-refi.