Solaria, a Europe-based renewable energy project developer, has entered into an agreement in principle with Banco Sabadell for the long-term financing of a 175 MW solar project in Spain.
The agreement is subject to completion of the due diligence of the projects and the final approval of the bank’s risk committee. The financing is in the form of syndicated project finance for a total amount of up to €93.5 million (~$106.37 million).
The financing will be used for the 175 MW Oliva solar project, which will be developed in the province of Guadalajara, Spain. This initiative is closely tied to the development of a data center that will function under a self-consumption energy model, with a guaranteed capacity of 70 MW.
Solaria’s CEO, Darío López, said: “We are very pleased to announce this agreement, which reflects Banco Sabadell’s reiterated confidence in our company. This financial operation represents a firm step towards the fulfillment of our goals and, consequently, towards the promotion of the energy transition, an essential aspect for the progress of society”.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding in Q1 2025 increased by 27% compared to Q1 2024.
Last week, Ignitis Renewables, a green energy company, secured a €77.5 million (~$87.24 million) loan from Swedbank Lithuania and Swedbank Latvia for the development and construction of 239 MW solar projects in Latvia. The solar projects, named Stelpe and Vārme, are currently under development and are expected to reach commercial operation by the end of this year. The total investment in the projects, including their construction and acquisition costs, is estimated to be around €178 million (~$200 million).
