Israeli company Ellomay Capital is seeking €125m from the European Investment Bank to fund the planned 300MW Talasol solar plant in the Extremadura region of Spain.
Ellomay acquired Talasol last year, taking on the project near the city of Caceres.
The plant is expected to produce approximately 580 gigawatt-hours of electricity a year and total investment in it will be €250m.
Ellomay has also appointed Deutsche Bank as the sole mandated lead arranger for the structuring of a non-recourse senior debt financing for the project.
The senior debt financing will be backed by a financial hedge of the electricity price for 10 years and is expected to close in fourth quarter of this year.
The European Bank for Reconstruction and Development (EBRD), meanwhile, is to provide funding to China’s Risen Energy for the construction of a new 40MW solar plant in the Karaganda region of Kazakhstan.
The financing package arrange by EBRD includes a local currency loan of up to $22m (€18.7m), a loan of up to $5.8m from the Clean Technology Fund and up to $4.2m from the Green Climate Fund (GCF).
The funding is the first facility jointly provided by EBRD and GCF to finance a solar project in Kazakhstan as part of a framework agreement to co-finance renewable energy in the country signed earlier this year.
The project continues co-operation between EBRD and the Kazakhstan Ministry of Energy on the development of renewable energy in line with a memorandum of understanding signed in 2017.
Image: EBRD
EU ponders Spanish PV gifts
By EBS