Spain's Ignis bags EUR-335m loan to build solar farms at home
Solar park in Spain. Author: Som Energia Cooperativa. License: Creative Commons. Attribution 2.0 Generic
Spanish renewables firm Ignis said on Thursday that it has closed financing for up to 500 MW worth of new solar power projects in Spain, securing a loan from a syndicate of banks.
The company obtained a loan of EUR 335 million (USD 359.4m) in a transaction led by Deutsche Bank AG, as the sole underwriter, with Rabobank, ABN Amro and Triodos Bank rounding out the syndicate. The financing covers a relevant part of the debt necessary for the development of Ignis’ strategy regarding the design, construction, promotion and operation of the solar farms, the company said.
Ignis has secured environmental permits for the projects and signed several power purchase agreements (PPAs) to monetise the solar farms’ output. Further project development will begin in 2023-2024.
Once up and running, the solar farms will generate around 900 GWh of electricity per year. Ignis will own and operate the plants and perform maintenance services.
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