July 10 (Renewables Now) - Valencia-based developer Grupotec Servicios Avanzados SA has closed project financing required for the construction, commissioning and operation of a 50-MWp solar photovoltaic (PV) farm in Spain.
The company secured financing of EUR 29.2 million (USD 32.8m) with Spanish state-controlled lender Bankia SA (BME:BKIA), which acted as a mandated lead arranger and the sole bookrunner, Grupotec said last week.
The new PV farm, named the Almansol Project, will be located in the Spanish province of Albacete.
The Spanish group states it has built more than 800 MW of PV projects internationally. The company plans to reach 500 MW of own assets in Spain before the end of 2022.
(EUR 1.0 = USD 1.12)