European renewable energy company Solaria has reached an agreement in principle with Banco Sabadell for the long-term financing of a 175MW solar project in Spain.
The funding will be provided under a syndicated project finance arrangement for an amount of up to €93.5 million.
This agreement will finance the Oliva Solar project, which consists of five photovoltaic plants located in Guadalajara in Spain.
This initiative is closely linked to the construction of a data centre that will operate under a self-consumption energy model, with a guaranteed capacity of 70MW.
Solaria’s chief executive Darío López said: “We are extremely pleased to announce this agreement, which reflects Banco Sabadell’s continued confidence in our company.
“This financial transaction represents a firm step toward achieving our goals and, consequently, toward promoting the energy transition, an essential aspect of societal progress.”
The energy supplied to the grid by the 175MW Oliva Solar photovoltaic plants will be 100% renewable and will be able to supply 84,000 Spanish homes annually.