German renewables company BayWa r.e. AG said on Tuesday that it has closed the financing for a 54.1-MWp solar photovoltaic and agri-voltaic (agri-PV) project it is currently building in the region of Andalusia, southern Spain.
The financier is German commercial lender Norddeutsche Landesbank, which provided EUR 32.5 million (USD 34.9m).
The project is named Alhendin and it is located close to Granada. Part of it will serve as a 5.1-MWp agri-PV installation, combining solar power production and agriculture on the same land.
The Alhendin solar farm will operate is under a long-term power purchase agreement (PPA) that BayWa r.e. signed last year with Danish roof windows maker Velux. It was one of two Spain-based solar PPAs between them aimed at matching Velux group’s power consumption in Europe. The second contract is to support BayWa r.e.’s solar project close to Seville.
BayWa r.e. expects to finalize the construction of Alhendin at the end of June and connect the solar farm to the grid by the end of 2023.
Once fully operational, the power plant will be capable of generating some 96.8 GWh of electricity annually, the renewables firm said.
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