These are two photovoltaic plants of 50 MWp each located in Olmedilla (Castilla-La Macha) whose construction began at the end of 2023. Their commissioning is scheduled for the end of 2024.
The German Blue Elephant Energy (BEE), an asset manager founded by the former team of the also German Encavis, has announced the closing of financing for two projects in Spain totaling 100 MWp.
These are two photovoltaic plants of 50 MWp each located in the municipality of Olmedilla (Castilla-La Mancha) whose start-up is scheduled for the end of 2024.
The two solar parks are being built by an unspecified Spanish EPC, on a turnkey basis. The start of construction began in the fourth quarter of 2023.
The electricity will be sold under a 10-year “pay-as-you-go PPA” with “a creditworthy international buyer” for whom further details have also not been communicated.
In 2021, Blue Elephant Energy and EnBW signed PPAs for 150 MW of photovoltaics in Spain , these are the Kissoro, Sunplex, Fotosfera, Binissalem and the aforementioned Olmedilla projects. The company assures that "Spain is and will continue to be an important target market for BEE due to its optimal location conditions for photovoltaic energy." According to its web portal, the company has five projects in our country that total around 260 MWp.
The financing was structured by the German financial services company DAL (Deutsche Leasing) and will be provided successively depending on the progress of construction.
The partners were advised on this transaction by Osborne Clarke (legal), Watson Farley & Williams (legal) and Evergy Engineering (technical).
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