Spain's Renovalia unlocks funds for 126-MW solar project at home

• Spanish renewables professional Renovalia Energy Group SL claimed on Monday that it has actually signed a funding arrangement to support the construction and also procedure of a 126-MW solar PV farm in the Guadalajara province of Spain.

Spanish loan provider Banco de Sabadell SA (BME: SAB) provided the business non-recourse project financing in the quantity of EUR 47 million (USD 49.7 m) for 16 years. The funding qualifies as environment-friendly under the Green Loan Principles, Renovalia claimed.

The future Bolarque solar farm will be equipped with some 230,000 PV modules mounted over 115 hectares (284.2 acres) of rented land. The company expects the plant to generate around 212 GWh annually.

Commissioning is planned for the first quarter of 2024. Renovalia stated it would sell the electrical energy from Bolarque straight to the wholesale market.

Being a vertically incorporated company, Renovalia will certainly likewise take care of as well as maintain the plant. Once Bolarque is up and running, the business will certainly have 320 MW in operation as an independent power manufacturer. It says it has a total amount of 1,337 MW of projects with grid gain access to permits in development.