Financial close achieved for 123 MW Solar Complex in Spain

Fotowatio Renewable Ventures (FRV) has reached a financial close on the 123 MWdc Carmonita Norte solar photovoltaic (PV) cluster in Extremadura, Spain.

Covering an area of 356 ha, the Carmonita Norte cluster will generate around 260 GWh of renewable energy annually, enough to power approximately 93,600 Spanish houses while preventing the release of approximately 193,000 tons of carbon dioxide (CO2).

FRV has concluded the financing agreement with Mitsubishi UFJ Financial Group Inc (MUFG), ING, and Santander Corporate & Investment Banking (CIB) for a total of EUR80.9 million (US$78.05 million). Once the plants are online, a long-term Power Purchase Agreement (PPA) will guarantee the project's revenue.

The first plant of the Carmonita complex is anticipated to be completely operational by the end of 2023.