Solaria agrees financing for 150 MW of solar in Spain

• Spain's Solaria Energia y Medio Ambiente SA (BME: SLR) has actually reached an arrangement in principle with French bank La Banque Postale to acquire funding for 150 MW of solar projects in its home country.

The Spanish solar developer anticipates to rise to EUR 84 million (USD 94.8 m) in long-lasting project financing from the lending institution, the firm stated on Monday.

The funds will certainly be paid out after the due diligence evaluation of the solar projects is efficiently completed and La Banque Postale's danger committee gives the green light.

The projects are presently incomplete. Solaria expects to have the plants up and running in 2022.

When completely connected, the solar farms will certainly generate enough clean electricity to support the energy demand of 85,000 Spanish homes per year as well as counter 70,000 tonnes of carbon dioxide (CO2) yearly.

"This second funding agreement with La Banque Postale demonstrates the count on positioned once more in Solaria. We are proud to be able to claim that time after time we are able to decrease our funding cost," commented Solaria chairman Enrique Diaz-Tejeiro.

Under its strategic plan, Solaria intends to reach 18 GW by 2030.