November 13 (Renewables Now) - Spanish solar company Solaria Energia y Medio Ambiente SA (BME:SRL) has signed a long-term financing agreement with Banco de Sabadell (BME:SAB) to support 108.5 MW solar photovoltaic (PV) projects.
In a brief statement on Tuesday, Solaria said it arranged EUR 59.45 million (USD 65.4m) in project finance with a 16-year term. The four solar farms are backed with power purchase agreements (PPAs) with Spanish oil giant Repsol SA (BME:REP). No other details have been provided.
Late last year, Solaria announced two separate seven-year PPAs with Repsol for 102 MW of solar power capacity. The first off-take deal for 52 MW was unveiled in November, with Solaria saying that the parks associated with that PPA would be commissioned in the first half of 2019.
(EUR 1.0 = USD 1.1)