February 12 (Renewables Now) - Solaria Energia y Medio Ambiente SA (BME:SLR) has approached lenders in Germany to obtain financing for the construction of 105 MW of solar projects with a secured power purchase agreement (PPA) in Spain.
The Spanish solar projects developer is expecting to get EUR 57 million (USD 62.3m) in project financing from Bayerische Landesbank (BayernLB) and possibly, German development bank KfW, the company said in today’s regulatory filing.
Solaria has already reached a preliminary agreement with BayernLB and is now waiting for the KfW committees to approve the development bank’s participation.
The funds will be disbursed once the projects’ due diligence process is over and the banks give their final seal of approval, Solaria said.
Back in December 2019, Solaria signed the PPA for the three projects with European energy trader Alpiq, of Switzerland’s Alpiq Holdings AG (SWX:ALPH).
The solar parks will be constructed in the Spanish regions of Castile and Leon and Castile-La Mancha. Solaria plans to hook them to the grid in 2020.
(EUR 1.0 = USD 1.092)