Spanish renewables investment platform Bruc said on Tuesday that it has secured a green loan to finance the construction of 842 MW of solar photovoltaic plants in Spain.
It said it had closed a EUR-570-million (USD 605.9m) financing agreement with banks Santander, ING, BNP Paribas, Credit Agricole CIB, Sabadell, BBVA, and Unicaja, raising funds that will partially bankroll the portfolio.
The projects are situated in the provinces of Seville, Malaga, Cadiz and Soria. All of them have power purchase agreements (PPAs) in place with major off-takers including Pfizer, Alstom, and Grupo Roca.
Bruc expects the solar farms to become operational during 2024 and 2025.
The firm last year secured EUR 600 million to invest in the construction of 8.5 GW of wind and solar projects in Spain. It said that those funds and the new loan will cover a significant portion of the investment required for the construction and commissioning of its wind and solar portfolio in the country.
Bruc says that it currently has 1.1 GW of operational assets and 2 GW under construction, which are expected to go online by the end of the year. The 8.5-GW portfolio is divided between 8.4 GW of projects in the Iberian Peninsula and 100 MW of solar in Japan.
Comments