Solaria gets €59.45 million from a Spanish banking group for a major solar project in Spain

• Solaria has raised funds for deploying of four solar installations contracted to supply energy for Repsol. The project is going to be a huge step toward the manufacturer’s target of installing 3 gigawatts by 2023.

Spanish multinational company Solaria Energia has signed a contract with Banco de Sabadell for funding four photovoltaic plants with total capacity of 108.5 megawatts. 

According to the agreement, the manufacturer is getting €59.45m from the financial group for the period of 16 years. 

The installations will supply power to Madrid-headquartered oil and gas colossus Repsol during seven years. 

As of July 2019, Solaria installed 75 megawatts in Spain, 35 megawatts of which were subsidized. Additional 400 megawatts are currently being developed. 

Solaria is intended to deploy 650 megawatts of residential solar per year. In three years, the company hopes to be the largest Spanish power producer and own a pipeline of 3 gigawatts. 

Last month, the solar supplier increased the capacity of Trillo solar park in Guadalajara from 450 to 626 megawatts. It became possible after securing feasibility access permit, reliable grid linking as well as debt funding for the facility. 

Trillo is the biggest PV solution being developed by Solaria and among the largest European solar farms. 

The company was established in 2002. It started its activity as a solar module and panel producer. In 2017, Solaria became listed on the Madrid stock exchange.