Solarcentury has secured finance with backing from the UK government for its two subsidy-free solar projects with a total capacity of 500 MW in Spain (Photo Credit: Solarcentury)
- Solarcentury has secured finance with backing from the UK government for its two subsidy-free solar projects in Spain
- It will use the proceeds to construct two PV projects of 300 MW and 200 MW capacity in the European country
- This money has been raised from NatWest and HSBC UK with support from the UKEF
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UK based solar power development company Solarcentury has raised €54.8 million ($61.1 million) funding supported by the UK export credit agency, UK Export Finance (UKEF) to facilitate the construction of 500 MW large-scale solar PV capacity in Spain.
It will use the proceeds for its subsidy-free projects—300 MW Talayuela Solar Project in Caceres, Extremadura and 200 MW Cabrera Solar Project in Alcala de Guadaira near Sevilla which is a park comprising four projects of 50 MW each. Both the projects will be operational in the second half of 2020.
The finance extended to Solarcentury will come as €27.7 million ($30.8 million) trade loan from NatWest and €27.1 million ($30.2 million) guarantee line from HSBC UK. Support from the UKEF will allow Solarcentury to access working capital and bond support needed to fulfil the contracts, said the UK government and will boost UK solar exports. And for Solarcentury, exports now account for 90% of all sales, it claims.
“With the project financing in place alongside these new facilities, construction has now begun on the landmark Talayuela project. Together with Cabrera Solar, where building commenced in July, these are two of the largest solar energy generation plants ever to be developed in Spain and among the most important in Europe, generating employment, respecting the environment and boosting the regional economy,” said Solarcentury CFO Neil Perry.
The Talayuela Solar Project is touted as one of the largest solar projects in Europe on completion even as Iberdrola has just finished construction of its 500 MW ‘largest’ solar project in Europe, in Spain (see Iberdrola’s 500 MW PV Project Closer To Commissioning).
Solarcentury sold off the majority stake in the 200 MW Cabrera Solar Project to an unidentified buyer in April 2019 (see Solarcentury Retains Minority Stake In Spanish Project).