German KfW finances 200 MW photovoltaic project in Spain
Post date: 07/01/2021 - 10:49
German federal owned KfW IPEX-Bank is participating in the construction and operation of the »Los Escuderos« solar park near the municipality of Altarejos in the Spanish province of Cuenca with a loan of around €64 million ($78 million). The total investment will be financed by a long-term loan of more than €96 million, the term of which covers the construction phase and 17 years of operation. KfW is the syndicate leader of several lenders.
The project is being implemented by its owner, the Spanish wind and solar company Grenergy Renovables S.A. The project will create one of the largest solar parks in Spain with an installed capacity of 200 MW. In addition to the construction, the company will also be responsible for the subsequent operation of the four photovoltaic plants, including the associated grid connection infrastructure.
The plants are scheduled to be commissioned in the course of 2021. The project involves the installation of over 342,000 photovoltaic modules with an expected annual electricity production of around 385 GWh. The proceeds will go to the Portuguese energy company Galp under twelve-year power supply agreements (PPA). When the contracts expire, the electricity produced is to be sold on the spot market.