September 26 (Renewables Now) - Spanish renewables owner and investor Bruc has signed a financing agreement to raise funds for the construction of 8,500 MW of solar photovoltaic and wind power projects in Spain, the firm said on Monday.
The agreement saw seven entities extend EUR 600 million (USD 635.8m) in financing, with Banco Santander, ING, Instituto de Credito Oficial, BNP Paribas and Intesa Sanpaolo acting as bookrunners and mandated lead arrangers (MLAs) and Schroders Capital and Infranity as MLAs.
Bruc received financial advice from Astris Finance and legal advice from Allen & Overy. Linklaters served as legal advisor to the financiers.
Bruc said that the amount will cover a substantial part of the investment needed to build and commission the gigawatt-scale portfolio.
The bundle includes wind and solar projects, including wind and solar hybrid schemes, located in the Spanish regions of Aragon, Andalusia, Extremadura, Castile-La Mancha and Castile and Leon. The firm said that it is also developing several energy storage projects.
(EUR 1.0 = USD 1.06)