September 26 (Renewables Now) - Spanish solar energy producer Solaria Energia y Medio Ambiente SA (BME:SLR) will receive up to EUR 1.7 billion (USD 1.82bn) in European debt funding to back the construction of roughly 5.6 GW of photovoltaic (PV) projects across three countries, Spain included.
The framework financing will be extended by the European Investment Bank (EIB) under the InvestEU programme and EIB’s package dedicated to the REPowerEU plan, the lender announced on Monday. The structure of the deal, already approved by the EIB, involves the signature of several loans and the participation of several financial institutions.
A total of 120 solar projects across Spain, Portugal and Italy will benefit from the loans, mostly in Spain, with more than a third of the overall capacity to be installed in less developed regions. Once in operation, the PV plants will generate around 9.29 TWh of electricity per year. Their commissioning is scheduled for the end of 2028.
The first loan under the framework has been signed for EUR 278 million and will enable the construction of 1.08 GW of solar projects.
“This financing means we will have more than enough funding to meet our needs and achieve our roadmap target of 6.2 GW by 2025,” said Enrique Diaz-Tejeiro, president of Solaria.
(EUR 1.0 = USD 1.068)