Fotowatio Renewable Ventures (FRV) and Natixis have closed a non-recourse project financing of the 138 MWdc San Serván photovoltaic plant in the town of Solana de los Barros in Extremadura, Spain.
This is the first Climate Bond Certified green transaction in Spain with a EUR64 million (US$75.55 million) green loan with Natixis acting as an underwriter and sole green loan coordinator.
The project offtake is under a long-term Power Purchase Agreement (PPA) with ENGIE Spain.
The project is expected to be fully operational by 2022. Once in operation, the San Serván plant will generate approximately 291 GWh of clean energy per year, enough to power around 105,000 Spanish homes and avoid the emission of 216,000 tons of CO2 annually.
The construction and the first two years' operation of the plant will be carried out by Grupo Ortiz under an EPC contract. Cuatrecasas worked as the legal advisor to FRV and Watson Farley & Williams as the legal advisor to Natixis. ATA acted as the technical advisor to the project.
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