Spain's EiDF secures funding for 19.3 MW of C&I solar

June 30 (Renewables Now) - Spanish developer Energia Inovacion y Desarollo Fotovoltaico SA (BME:EIDF) said that it has signed a financing agreement to bankroll the construction of 19.34 MW of solar self-consumption projects for the commercial and industrial (C&I) sector in Spain.

The downstream solar player repeated its partnership with renewables-focused fund Sinia Renovables, this time securing EUR 10.9 million (USD 11.4m) between financing and equity to realise 15 installation projects. The parties first transacted in January this year to back 23.6 MW of C&I solar.

Part of the new agreement includes Sinia taking a 20.66% stake in four special purpose vehicles that own the projects, the EiDF group said.

EiDF will be responsible for construction, commissioning, maintenance and the supply of power from the on-site solar arrays. The projects are backed by fixed-price power purchase agreements (PPAs) running between ten to 15 years, EiDF added.

Sinia Renovables is an affiliate of BS Capital, a private equity division of Spanish lender Banco de Sabadell SA (BME:SAB).

(EUR 1.0 = USD 1.043)