July 16 (Renewables Now) - Iberdrola SA (BME:IBE) has secured a EUR-285-million (USD 322.1m) loan to fund the construction of the 500-MW Nunez de Balboa solar photovoltaic (PV) farm in the Spanish region of Extremadura.
The energy company said Tuesday it signed loan agreements with the European Investment Bank, which will grant EUR 145 million, and Spanish state-owned bank Instituto de Credito Oficial (ICO), which will provide up to EUR 140 million. The total investment in the project will exceed EUR 290 million.
Iberdrola turned the first sod on the Nunez de Balboa solar farm this March. Spanning close to 1,000 hectares, the 500-MW facility is touted as the largest PV project under construction in Europe.
The PV farm is scheduled for commissioning in 2020.
(EUR 1.0 = USD 1.13)