Elawan raises €250 million for 440 MW solar in Spain’s Castilla-La Mancha; EDB will provide up to $37 million for 11 solar plants in Armenia; Innovatec will launch a new solar PV business segment dedicated to B2B segment in Italy.
Elawan Energy’s financial closure for 440 MW: Elawan Energy has achieved closure for 9 solar PV plants in Spain’s Castilla-La Manch region with €250 million. Together these projects represent 440 MW aggregate capacity. Currently these facilities are at an advanced stage of construction in the provinces of Cuenca and Toledo and expected to come online between late 2022 and early 2023. Once operational, these will generate 887 GWh annually. Proceeds were raised from Santander, BBVA, MUFG, Sabadell and Intesa Sao Paolo, said international law firm Watson Farley & Williams (WFW) that advised Elawan on the transaction.
EDB financing for 65 MW solar in Armenia: The Eurasian Development Bank (EDB) has committed up to $37 million to finance the construction of 11 solar power plants with up to 65 MW combined capacity in Armenia. Under an agreement signed with New Energy Group, EDB said the investment will be repaid from payments under electricity sales contracts between New Energy Group and the Electric Networks of Armenia. All the facilities are scheduled to be commissioned in 2022 in the Gegharkunik and Aragatsotn regions. In May 2021, the European Bank for Reconstruction and Development (EBRD) and European Union (EU) backed Amber Capital Armenia announced plans to build 4 MW solar project in Aragatsotn (see EBRD & EU To Finance Armenian Solar Power Plant).
Innovatec to launch new PV business unit: Italy’s Innovatec says its board has approved the launch of a new solar PV business unit of strategic importance, dedicated to B2B segment. It will be mandated to bring in revenues of €100 million by 2024 through construction of medium sized solar plants dedicated to the industrial and agricultural sectors. Business scope will also relate to the realization of integrated decarbonization measures in the B2B sector and development of authorizations for new large-scale ground mounted plants. It will also be able to sell plants on turnkey basis to 3rd parties. Innovatec said, “The start-up of the new business unit takes its cue from the acceleration imposed by policy makers, and promptly picked up by companies, on the renewables sector and intends to further capitalize on the speed of execution demonstrated to date by the Group’s management in seizing market opportunities.”