- Bruc has secured €570 million in loans to advance its solar PV portfolio in Spain
- It will support the construction of the company’s 842 MW solar projects, contracted by corporate offtakers
- Lending consortium includes Santander, ING, BNP Paribas, Crédit Agricole CIB, Sabadell, BBVA and Unicaja
Bruc has announced receiving a green loan worth €570 million ($606 million) to help it build 842 MW of solar PV projects in Spain. The Spanish clean energy developer says the financing agreement was signed with a lending consortium of Santander, ING, BNP Paribas, Crédit Agricole CIB, Sabadell, BBVA and Unicaja.
Coordinated by Banco Santander, the loan will help Bruc to construct and partially finance its solar PV projects in the provinces of Seville, Malaga, Cadiz and Soria. All of the 842 MW capacity is scheduled to become operational in 2024 and 2025.
Bruc says these projects are contracted by leading offtakers including US pharmaceutical giant Pfizer, manufacturing company Alstom, and Grupo Roca under power purchase agreements (PPA). Their construction will create 1,400 jobs.
The developer counts 1.1 GW capacity in operation in its portfolio which will be expanded with an addition of 2 GW by the end of 2024. Bruc’s total portfolio amounts to 8.5 GW out of which 8.4 GW is in the Iberian Peninsula. The remaining 100 MW is located in Japan.
In 2023, Bruc raised €600 million from 7 banks to support an 8.5 GW solar and wind energy portfolio in Spain (see €2.3 Billion To Flow Into European Renewable Energy Projects).
It says these loans guarantee a substantial part of contributions it needs to construct and commission solar and wind energy projects in Spain.
