Spain's EiDF, Sinia Renovables to co-fund 23.6 MW of C&I solar at home

EiDF solar park. Image by EiDF (www.eidfsolar.es)

January 13 (Renewables Now) - Spanish solar PV installer Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) said on Thursday it had signed an agreement with renewables-focused fund Sinia Renovables to finance the construction of 23.6 MW of solar self-consumption projects for industrial customers.

Sinia Renovables is part of BS Capital, a private equity division of Spanish lender Banco de Sabadell SA (BME:SAB).

According to Thursday’s announcement, the parties agreed to invest EUR 13.4 million (USD 15.4m) in the installation of 18 projects, which EiDF owns through six different special purpose vehicles (SPVs). Under the agreement, Sinia Renovables is acquiring a 24.9% stake in these SPVs, EiDF said.

The projects will be supported through fixed-price power purchase agreements (PPAs) with 18 industrial customers for a period between ten to 15 years. EiDF will assume all costs of engineering, execution and maintenance, and own the plants for the duration of the PPA, without the customer needing to make any up-front investment, the firm said of its business model.

The agreement comes after months of skyrocketing electricity prices in Spain, which sparked demand for solar self-consumption in the commercial and industrial (C&I) sector. EiDF said recently its orders for 2022 already stood at 110 MW of PV arrays, much more than it projected in the revenue forecast for this year.

(EUR 1.0 = USD 1.146)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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