Elawan Energy has closed a €250m debt financing deal for a 440MW portfolio of solar projects in Castilla-La Mancha, Spain.
Construction of the nine sites across the Cuenca and Toledo provinces is at an “advanced” stage, with facilities due online between late 2022 and early 2023.
Around 800,000 PV modules are being installed capable of producing 887GWh of electricity annually.
The financing is Elawan’s largest to-date and was provided by Banco Santander, BBVA, MUFG Bank, Banco Sabadell and Intesa San Paolo Bank Luxembourg, advised by Clifford Chance.
The law firm assisting Elawan Energy in closing the transaction was Watson Farley & Williams.
Elawan Energy chief investment officer Pedro García Crespo made note of “the sharp increase in investment plans that we are undertaking to accelerate compliance with the objectives of energy transition and decarbonisation of the economy through clean energy”.
The company currently has 36 plants in production in nine countries, with more than 1.1GW in operation, 840MW under construction and more than 9GW in various stages of development.