BayWa r.e. AG has announced that it has closed the financing for a 54.1-MWp solar photovoltaic and agri-voltaic project in Spain.
The German renewables company is currently building the project named Alhendin in the region of Andalusia.
The company secured the financing from the German commercial lender Norddeutsche Landesbank (NORD/LB) with EUR 32.5 million (USD 34.9m).
According to the company, the project’s “part will serve as a 5.1-MWp agri-PV installation, combining solar power production and agriculture on the same land.”
To be noted, last year, BayWa r.e. had signed a long-term power purchase agreement with Danish roof windows maker Velux. The duo has two solar PPAs in Spain.
According to the company, the power plant will generate around 96.8 GWh of electricity annually once it comes into operation. The solar project is likely to be connected to the grid by the end of 2023.