Nexwell Power inks financing for 46 MW of solar projects in Spain

UK renewables investor Nexwell Power has secured financing to support the construction of 46 MW of solar farms in the Spanish regions of Andalusia and Extremadura, the firm said.

Dutch lender Cooperatieve Rabobank UA is the financier, extending a total of EUR 37 million (USD 39.7m). The financing agreement includes loan facilities to cover project costs and their associated VAT, letters of credit for the purchase of equipment and interest rate hedges, Nexwell Power said.

The UK-based investment platform will use the funds to build seven new solar farms in the provinces of Seville, Badajoz, Jaen and Huelva, south-western Spain. Two of the projects totalling 13 MW will be located in the town of Carmona, another pair totalling 13 MW in Badajoz, one 7-MW plant will be built in Merida, another one of 7 MW in Banos de la Encina, with a 6-MW facility sited in Palma del Condado.

Nexwell Power expects these solar farms to start delivering electricity in 2024. Their total output is estimated at 95 GWh of electricity per year, or enough to meet consumption needs of 27,000 households.

(EUR 1.0 = USD 1.073)

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