Nexwell Power secures loan for 89 MWp of solar projects in Spain
Solar panels in Spain. Author: Jordi Domènech i Arnau. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.
Austrian lender Kommunalkredit Austria AG has granted a loan to Nexwell Power to help it finance the construction of a 89-MWp solar PV portfolio in Spain.
The bank said Monday that is providing EUR 52 million (USD 60.9m) in long-term senior financing for the 49.9-MWp Calatrava Solar I and 39.1-MWp Calatrava Solar II projects.
The Calatrava sites are located in the Spanish region of Castile-La Mancha, where the construction is already taking place, Kommunalkredit said.
Nexwell Power, a UK-based solar PV-focused investment platform, announced in March this year that it had acquired the Calatrava duo. At the time, the schemes were referred to as one ready-to-build project named Manzanares.
Once online, the solar farms will operate under a long-term power purchase agreement (PPA) with Spanish electricity retailer Nexus Energia.
Nexwell Power expects to feed first power into the grid in the fourth quarter of 2021.
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