Solaria secures EIB loan for 261 MWp of solar projects in Spain
El Baldio solar park in Spain. Image by Solaria (www.solariaenergia.com)
Spanish solar power producer and developer Solaria Energia y Medio Ambiente SA (BME:SLR) has been granted a loan from the European Investment Bank (EIB) to finance a 261.05-MWp portfolio of projects at home.
The EU bank said Thursday it had signed an agreement with the company to extend it up to EUR 54 million (USD 64.2m) in project finance.
The money will be delivered in two tranches -- a senior project finance tranche of up to EUR 51.7 million, and an EIB debt service reserve facility of up to EUR 2.3 million.
The EIB said that it will provide additional private financing of up to EUR 14 million to support the projects through a bank-intermediated tranche, expected to be signed at a later date.
Solaria also secured project finance from French lender Natixis, which will also act as an interest rate swap provider for all senior debt.
The EIB financing will help Solaria build and commission seven solar farms across the Spanish regions of Extremadura, Castile-La Mancha, and Castile and Leon. Solaria developed the projects, and will build, own and operate the future plants, the bank said.
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