Elawan Energy secures finance for 440MW of solar projects in Spain

Elawan Energy secured a €250m financing deal for a 440MW portfolio of solar projects in Spain.

The company informed that there will be at least nine sites across the Cuenca and Toledo provinces. The projects are based in Castilla-La Mancha, Spain.

This debt financing is Elawan’s largest to-date, according to the company. The financing has been done under Banco Santander, BBVA, MUFG Bank, Banco Sabadell and Intesa San Paolo Bank Luxembourg.

It has been reported that around 800,000 PV modules are being installed in the project sites. The projects will be generating 887GWh of electricity annually.

Company’s chief investment officer Pedro García Crespo was quoted in a report stating that, “the sharp increase in investment plans that we are undertaking to accelerate compliance with the objectives of energy transition and decarbonisation of the economy through clean energy”.

The company representative informed that construction of these projects has reached an advanced stage, while they will go online within early 2023.

Currently, Elawan Energy has 36 plants in production in nine countries. These plants have a capacity of 1.1GW, which are already in operation, while over 9GW are in various stages of development.