Q Energy has achieved financial close on a 252MWp portfolio of seven solar PV plants in Spain.
All projects in the Taurus B portfolio are under construction and in the process of hybridisation with battery storage.
Once operational, the green energy power plants are expected to generate enough electricity to supply 131,000 Spanish households.
They are also expected to avoid more than 93,000 tonnes of carbon dioxide emissions annually.
Mitsubishi UFJ Financial Group and BNP Paribas were lead arrangers on the financing.
Berlin-headquartered renewables developer Q Energy is the sole owner, EPC contractor and O&M contractor to all seven projects.
Taurus B also marks the company’s first independent power producer (IPP) portfolio on the Iberian Peninsula.
Q Energy said the projects have been structured as a portfolio with a strong focus on risk mitigation. The non-recourse debt is raised at holding company level with cross-collateralisation across projects.
Commercially, revenues are anchored by 10-year fixed-profile power purchase agreements (PPAs) that protect against the zero-/negative-priced hours and technical curtailment currently observed in Spain.
Even if curtailed voluntarily or by the grid during such hours, the projects will continue to receive the fixed PPA price.
Chief investment officer at Q Energy Terry Lee said: “The successful financing once again underlines the robust planning of our projects, which not only rely on PV, but also offer further attractive revenue opportunities in combination with BESS.
“We are grateful for the trust and commitment of our financing partners in our projects, and we are excited to launch Q Energy’s first IPP portfolio in Iberia.”
The projects are sited in three provinces across the north and southwest of Spain.
They include the 52MWp Brovales solar farm (pictured), located in the Spanish region of Extremadura, which is close to completion.
The largest cluster of the green energy projects is being built north of Carmona in the province of Seville. This cluster will comprise three solar plants with a total capacity of 105MWp.
In addition to the PV systems, the development of a 25MW battery storage facility is currently underway at the same site.
Meanwhile the Zaratan cluster consists of three adjacent solar plants in the region of Castile and León.
The PV plants are expected to be completed by the end of 2026. A 75MW battery storage facility is being developed at the same site.