Matrix Renewables and BBVA have closed a €40m financing to begin the construction of two solar plants in north-west Spain.
The Zaratán and Arroyadas projects, in the municipality of Valladolid, will have a combined capacity of 66MW when built.
Under a project finance agreement, the €40m of long-term debt will be divided between the two solar projects.
The financing has been structured as a green loan aligned with the LMA Green Loan Principles, woth BBVA leading the financing as Sole Green Loan Coordinator.
Nicolas Navas, CFO of Matrix Renewables, said: “This is yet another important step for Matrix Renewables in consolidating its strong pipeline and portfolio across Europe.
“We feel very proud to add these projects to the existing €1.2bn we have financed since our inception in September 2020.”
Elena López Nieto, BBVA Corporate Banking Director in Central Spain, added: “Sustainability continues to be a key growth lever and BBVA provides innovative financing solutions to accelerate the transition to a decarbonized economy.
“The Matrix Renewables project, financed by BBVA, is an example of our focus on this area and reinforces the bank’s leadership in sustainable financing”.
Not only will the project generate new renewable electricity, but more than 500 jobs will be created in the local area during the construction phase.
Construction began in December 2022 and the plants are expected to start operations at the end of 2023.
Matrix was advised by Ontier (Madrid office) and BBVA was advised by Watson Farley Williams (Madrid and UK offices).