METKA EGN Limited has been given a go-ahead to begin construction on 300 MW Talasol Solar Project in Extremadura, Spain following financial closure achieved by Ellomay Capital. Pictured is the sunset in Valencia, the city of arts in Spain. (Photo Credit: Papagnoc/www.goodfreephotos.com)
- Requisite finances for the 300 MW Talasol Solar Project in Spain have been secured by its developer, Ellomay Capital
- Of the total capital expenditure of €228 million ($255.5 million) expected on the plant, €131 million ($147 million) came as term loan from various international lenders
- Ellomay and its shareholders on the project pooled in equity of €97 million ($108.7 million)
- Ellomay has also completed the sale of 49% stake in the project to GSE 3 UK Limited and Fond-ICO Infraestructuras II, FICC
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Renewable energy developer Ellomay Capital Ltd., has secured requisite finance for the 300 MW Talasol Solar Project in Spain. Capital expenditure on the plant is estimated to be around €228 million ($255.5 million), of which €131 million ($147 million) will come as a term loan from Rabobank, ABN AMRO, Deutsche Bank and European Investment Bank (see €177mn For 300 MW Spanish Solar Project).
The other €97 million ($108.7 million) was pooled in by the shareholders of Talasol, including €49.5 million ($55 million) being Ellomay’s share. In April 2019, the Israel based company said it will sell 49% stake in the 300 MW project to GSE 3 UK Limited and Fond-ICO Infraestructuras II, FICC for €16 million ($18 million) (see Ellomay Capital Gets New Partners For 300 MW Project). The company informed the share sale has also been completed.
Following the financial closure on the Extremadura located project, EPC contractor METKA EGN Limited was given a notice to proceed with the construction activity that’s expected to last 16 months.