BRUC Secures Financing for 842 MW of Solar Projects in Spain

BRUC, a Spain-based renewable energy company that owns and operates solar and wind projects, secured €570 million (~$608.44 million) in financing for the construction of 842 MW of solar projects. The financing agreement was closed with Santander, ING, BNP Paribas, Crédit Agricole CIB, Sabadell, BBVA, and Unicaja.

The financing is classified as a “green loan.” Banco Santander acted as financial advisor, hedge coordinator, and green loan coordinator. ING, BNP Paribas, and Crédit Agricole CIB acted as bookrunners and, together with Sabadell, BBVA, and Unicaja, acted as MLAs and hedge providers. Allen&Overy and Linklaters acted as legal advisors.

The construction of the projects will be partially funded with these funds and are located in the provinces of Seville, Malaga, Cadiz, and Soria. During the construction phase, the projects will generate 1400 jobs. They are expected to be in operation in 2024 and 2025. Once operational, they will generate energy equivalent to the consumption of 421,000 homes and avoid the emission of 33,680,000 tonnes of carbon dioxide.

The company currently has 1.1 GW in operation. By the end of 2024, it will add a further 2 GW under construction. BRUC’s total portfolio amounts to 8,500 MW, of which 8,400 MW are in the Iberian Peninsula and 100 MW in Japan. The company’s assets are located in Spain and Japan. BRUC signed a financing agreement for €600 (~$638.6) million with seven banks last year. This amount guarantees a substantial part of the contributions necessary for the investment in the construction and entry into operation of a portfolio of solar and wind power projects in Spain totaling 8.5 GW.

According to Mercom’s recently released Q1 2024 Solar Funding and M&A report, large-scale project funding announced in Q1 2024 came to $13 billion in 62 deals, a decrease of 24% QoQ compared to $17.1 billion in 60 deals in Q4 2023.

Recently, Longroad Energy, a U.S.-based renewable energy project developer, announced the financial close of 220 MW solar and 214 MW/855 MWh storage project in Pinal and Pima Counties, Arizona.