Solarcentury has secured a new EUR54.8 million (US$61 million) banking facility with NatWest and HSBC UK, which will be used to facilitate the construction of two utility-scale solar plants in Spain, with a combined generating capacity of 500 MWp.
The new banking facilities comprise a EUR27.7 million (US$30.8 million) Trade Loan from NatWest and a EUR27.1 million (US$30.1 million) guarantees line from HSBC UK, with both sources of funding supported by UK Export Finance, the UK’s export credit agency. UKEF’s support will allow Solarcentury to access the working capital and bond support needed to fulfil the contracts.
The 300 MWp Talayuela Solar project in Cáceres, Extremadura, which reached financial close in November 2019, will be one of the largest solar projects in Europe when it is fully operational in the second half of 2020. The facility will be capable of producing enough energy to power 150,000 homes every year.
The 200 MWp Cabrera Solar project in Alcalá de Guadaira near Sevilla, comprising four 50 MWp plants, is expected to be completed and connected to the grid by September 2020. It will produce enough electricity to cover the demand from 105,000 households in the region.
