Financing secured for 54 MW Solar PV Project in Spain

BayWa r.e. and the commercial bank NORD/LB (Norddeutsche Landesbank) have successfully completed the financing of the 54.1 MW Alhendin solar agrivoltaic project in Andalusia, southern Spain. 

NORD/LB is providing EUR32.5 million (US$34.9 million) for the project’s financing. The project currently under construction has the capacity to generate 96.8 GWh of renewable energy each year, equivalent to the electricity consumption of approximately 24,700 Spanish households. The solar park will operate under a long-term power purchase agreement (PPA) signed with Velux.

Approximately 10% of the Alhendín solar farm will consist of an innovative 5.1 MWp Agri-PV installation, a solar application that combines solar power and farming, operating on the same land in an attempt to promote land use efficiency.

The solar facility is anticipated to be completed by the end of June, while a grid connection for Alhendin is to be put in place by the end of 2023.