BayWa nabs financing for Spanish subsidy-free solar project
Source: BayWa re renewable energy GmbH (www.baywa-re.com).
BayWa re renewable energy GmbH said today it has completed a EUR-100-million (USD 116m) construction bridge financing for the 174-MWp Don Rodrigo subsidy-free solar park in Spain with NORD/LB Norddeutsche Landesbank.
The renewables unit of German diversified group BayWa AG (ETR:BYW6) earlier this year signed a 15-year power purchase agreement (PPA) with Norwegian energy group Statkraft for Don Rodrigo, which is one of the first solar projects of that scale in Europe to be built without subsidies.
The solar park, to be located in the municipalities of Utrera and Alcala de Guadaira near Seville, will feature Astronergy and GCL solar panels and Huawei inverters. It is expected to produce 300 GWh of electricity a year.
"Having NORD/LB as one of our core Project Finance banks by our side also on financing this landmark project lets us even more confidently tackle the challenge of shaping the subsidy-free future of the European renewable energy transition," commented Benedikt Ortmann, managing director of BayWa re Solar Projects GmbH.