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In February 2020, we announced a huge investment into our emerging Spanish operations. We signed a senior debt facility with NatWest Markets, to fund our first Spanish solar project.
Going subsidy free
The 250MW cluster in Zaragoza, acquired in August 2019, will be one of Spain’s first utility scale subsidy-free projects. Our strong track record of financing and innovative structuring, alongside this new debt facility with NatWest Markets, allow us to be one of the early movers in this new stage of the Spanish market and cement our position locally.
Next step in the plan
We’re committed to changing the face of global energy, driving the solar revolution and accelerating the low-carbon transition worldwide, and NatWest Markets holds similar ambitions – this financing agreement follows similar facilities between us and the bank, and aligns neatly with our goals and values.
The power generated by the 250MW cluster project will be sold to bp’s European Gas and Power (EGP) Business via a 7-year Power Purchase Agreement (PPA). EGP is part of the Group’s supply and trading business, and the solar power generated by the project will produce approximately 500GWh of renewable electricity a year.
Building better solar
We pride ourselves on our strong construction and equipment pipeline and impressive industry relationships, and so we’ve appointed leading Andalusia-based EPC contractor, Prodiel, to build the project, with plans for the cluster to be operational by January 2021. The sites are being built using Trina Pro’s bifacial modules and trackers, alongside inverters from Power Electronics. Combined, these components make sure we can operate the new sites with maximum efficiency, boosting the levels of energy production beyond what can be achieved with standard components.
For more information, see our press release.