A subsidiary of Grupo Cobra in Spain, Zero-E has raised €434 million project financing for 864 MW of solar power capacity in Spain. The 864 MW solar PV projects are part of the 1.55 GW capacity ACS won in 2017 renewable energy auction in Spain through its subsidiary Grupo ACS. Zero-E was launched in April 2019 to oversee sustainable infrastructure development for the group. (Source: Cobra Group)
- A subsidiary of Grupo Cobra in Spain, Zero-E has raised €434 million project financing for 864 MW of solar power capacity in Spain
- The financing came from Natixis, Banco Santander, BBVA and CaixaBank for 18 projects
- Zero-E is developing these plants in Zaragoza, Teruel and Ciudad Real regions
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Zero-E, a subsidiary of Grupo Cobra in Spain, has secured €434 million ($482 million) in project financing for 864 MW of solar power capacity in Spain. The capacity is part of the 1.55 GW solar portfolio Grupo Cobra won in the third renewable energy auction conducted by the Spanish government in 2017 (see PV Wins Close To 4 GW In Spanish Auctions).
Grupo Cobra is a subsidiary of Spanish construction major ACS. Together the two founded Zero-E in April 2019 to oversee the development of sustainable infrastructure identifying business opportunities of 2.6 GW and aiming for 4.5 GW by 2022.
International law firm Watson Farley & Williams (WFW) revealed that it advised Natixis, Banco Santander, BBVA and CaixaBank to lend the money to Zero-E.
Out of 1.55 GW, the proceeds will be used for 18 solar power projects with 864 MW total capacity being developed by Zero-E in Zaragoza, Teruel and Ciudad Real regions.
WFW claims this is a major renewables project financing in terms of capacity of the project in the Spanish market, as well as one of the biggest to date worldwide.
“It was particularly complex given the number of plants involved and the need to ensure they were operational by the end of 2019 to benefit from the subsidy regime forming part of the 2017 auction process,” added WFW.
The local government of Aragon, where Zaragoza is located, announced that ACS Group’s 549 MW solar power plant is a project of ‘public interest’ (see Spain’s Aragon To Host 549 MW PV Plant).