Solarpack Closes Financing on 3 Solar Plants in Spain

By Ayush Verma/ Updated On Wed, Jul 24th, 2019

Solarpack has closed the financing of 3 solar plants in Spain for a total of EUR 59 million, with a cumulative module capacity of 112 MW

Solarpack Financing 3 Solar Plants

Solarpack has closed the financing of 3 solar photovoltaic plants in Spain for a total of 59 million euros, divided into a VAT financing tranche and a senior Project Finance tranche.

The plants have 100 MW of power allocated from the energy auction that took place in Spain in 2017 and will have a total installed module capacity (DC power) of 112 MW.

The Grullas-Pedroso, Grullas-Peñaflor and Monclova solar PV plants, developed by Solarpack Corporación Tecnológica, in the province of Seville, will be operational by the end of 2019, increasing the company’s total operating installed capacity in Spain to 129 MW.

The financing was signed on July 12 with Bankia and Bankinter, who had Watson Farley & Williams as the legal advisors for the transaction while Clifford Chance advised Solarpack.

Pablo Burgos, CEO of Solarpack, said that “this financial closure is another step to complete the construction of our Backlog, with which we captured the interest of our new shareholders at the end of 2018. The entire Solarpack team is very excited to have resumed project construction activities in Spain, which is where we have developed as a company, and in this case with Bankia and Bankinter as partners for the debt financing.”

Recently, we reported that European Investment Bank (EIB) and the Instituto de Crédito Oficial (ICO) will finance the development of the Núñez de Balboa photovoltaic power plant, which Iberdrola is currently building in Extremadura, Spain.

The facility covers a surface area of close to 1000 hectares and will provide a total output power of 500 MW, making it the largest solar photovoltaic (PV) power plant under construction in Europe. It will be able to supply clean energy to 250,000 people, more than the population of the cities of Cáceres and Badajoz, and it will avoid the emission of 215,000 tonnes of CO2 into the environment every year.