Grenergy has closed a financing deal for the 150MW Belinchón solar farm in Spain.
The deal was completed with a green loan of €89.5m, the company informed the Spanish Securities and Exchange Commission (CNMV) today.
The agreement has been established with two banks, Norddeutsche Landesbank Girozentrale and Bankinter, and also includes other complementary credit lines for the construction and development of the park.
Each of the two banks will assume half of the senior debt of approximately €44.7m. The financing method includes debt financing for a construction term plus 19 years.
The Belinchón solar park is the second largest project built by Grenergy to date.
Located in the municipality of Barajas de Melo in Cuenca, it is already in the construction phase, will have around 230,000 photovoltaic panels and will occupy an area of more than 300 hectares.
When it comes into operation, it will provide clean energy to 31,000 homes and will prevent the emission of around 115,010 tonnes of CO2 per year.
The company has already signed an agreement for the long-term sale of energy produced at the wind farm with an Iberian utility for a period of 12 years, which will be activated in January 2025.
Until then, the electricity generated will be sold at market price.
Grenergy said the project ratifies its commitment to Spain as its main market in Europe.
Currently it has more than 2GW of projects in various stages of development.
Grenergy chief executive David Ruiz de Andrés said: “This agreement ratifies the confidence of national and international banks in renewable energy, and reaffirms our leadership in green financing.”