September 22 (Renewables Now) - Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has reached financial close on the project for the 123-MWp Carmonita Norte solar cluster in Spain's Extremadura region.
FRV has secured a EUR-80.9-million (USD 80.1m) project financing loan with Mitsubishi UFJ Financial Group Inc (MUFG), Dutch banking group ING Group and Santander Corporate & Investment Banking (CIB).
The Carmonita Norte cluster will consist of three photovoltaic (PV) parks that together should be capable of generating some 260 GWh of clean energy per year, enough to meet the demand of around 93,600 Spanish homes.
FRV estimates the first plant of the Carmonita complex will be up and running by the end of 2023. When complete, the solar project will generate revenues through long-term power purchase agreements (PPAs).
The Carmonita Norte cluster is the first of three solar initiatives that the company is developing. With the Carmonita Sur and Carmonita Ministerio clusters, the Carmonita node will have a total capacity of around 763 MW direct current (DC), FRV noted.
(EUR 1.0 = USD 0.991)