March 20 (Renewables Now) - Spanish lender Banco Bilbao Vizcaya Argentaria SA (BME:BBVA), better known as BBVA, will provide consumer loans to Otovo’s customers in Spain for residential solar projects.
BBVA announced on Tuesday its consumer finance unit signed an agreement with the Norwegian solar start-up to help single-family home-owners buy solar panels for self-generation and consumption.
While details on BBVA’s financing conditions and interest rates have not been provided, Otovo said in a blog post from last year that self-generators in central and southern Spain can expect to earn back their investment in around six to seven years. In Spain’s northern regions, payback times can be as high as 10-10.9 years.
With “sun tax” no longer in the way, “Spain now looks set for a comeback as one of the most attractive market in Europe”, Otovo said in February 2019 in its market insight on solar payback trends in Europe.
Otovo was founded in Oslo in January 2016 as a platform that sells solar panels, arranges rooftop installations and connections for private homeowners and delivers customised systems on a turn-key basis. The company arrived in Spain in 2019.