August 9 (Renewables Now) - The Spanish unit of Engie SA (EPA:ENGI) and Mirova Eurofideme 4, a fund managed by France’s Mirova, have closed the financing for the 50-MW Seneca solar photovoltaic (PV) project they are building in Spain.
The two partners have signed a financing agreement for an undisclosed amount with French bank BNP Paribas SA (EPA:BNP), according to a press release from Engie on Thursday. The investment in the Seneca project reaches roughly EUR 40 million (USD 44.8m).
Engie, through its units in Spain, has taken on several roles in the project. Apart from being in charge of construction, it will also provide operation and maintenance (O&M) services and act as the solar farm’s market representative once it gets up and running.
Construction started in December 2018, and it is due to end late this summer. Commercial operations are expected to commence in the last quarter of 2019.
The Seneca solar farm will occupy around 100 hectares (247.1 acres) of land in the province of Cordoba. Once it is brought online, it will generate some 100 GWh per year.
(EUR 1.0 = USD 1.12)