Spanish solar: Acciona inks PPA as Q-Energy bags US$ 350m refinancing

• 2 solar players have actually safeguarded corporate as well as financial backing for their jobs in Spain, amid steps consisting of the first lasting purchase bargain for the biggest telecoms company in the nation.

In current days, news emerged that Telefónica will be buying 100GWh of eco-friendly power every year from Acciona's portfolio in Spain. The power purchase arrangement (PPA), the very first such long-lasting deal for the telecommunications group, will cover a years of supply.

In a statement, Acciona described that the agreement will certainly begin in July 2020. The utility said the deal will be supported by its "portfolio of 5,700 MW renewable possessions in Spain", adding that the fleet might be increased to guarantee supply can stay on par with Telefónica's electrical energy demands.

Telefónica-- a EUR23-billion group that was Spain's telecoms monopoly up until its privatisation in 1997-- will utilize the power to energise different data centres and offices. The offtaker will access the utility's own blockchain-based device, Acciona Greenchain, to validate the green beginning of the electrical power.

In Spain, the 10-year PPA emerges amidst cautions that the pandemic-driven dive of power prices is placing new deals on ice. For Acciona, the COVID-19 episode complies with year-on-year revenue rises in 2019 and Q1 2020, coinciding with strides for solar systems in Latin America and others.

Returns lure UK financier to second PV play

Days after Acciona's news, it was revealed that an additional Spanish solar driver-- Q-Energy-- had actually secured moneying assistance for an up-and-running profile.

In London, Pension Insurance Corporation (PIC) announced it is to pump ₤ 277 million (US$ 350 million) of financial debt into a solar fleet possessed by Q-Energy in the Southern European nation. The investment, a plan of bonds maturing in 2041, will re-finance the profile's existing financial debt.

According to the pension insurance provider, the ₤ 277 million refinancing issues a portfolio of 8 solar plants handled under Q-Energy's FSL automobile. The FSL framework has 125MWp of PV plants in Spain as well as Italy, PIC stated, without giving a capacity failure across each country.

For PIC, the refinancing of Q-Energy's solar assets is the latest of a series this year. In February, the London-based group set aside ₤ 190 million (US$ 240 million) for a separate profile of 21 plants, contributing towards a plan together with UK insurance coverage titan Legal & General.

PIC's appetite for Spanish solar stems, partly, from the truth that these plants take pleasure in an assured degree of returns under national legislation. The "resistant as well as sustainable industry ... will certainly supply the cashflows to pay the pension plans of our policyholders for years into the future, along with aiding to minimize worldwide carbon emissions," PIC senior financial obligation source supervisor Florence Carasse claimed today.