Cero Generation, a solar and energy storage project developer and independent portfolio company of Macquarie’s Green Investment Group, announced a financial closure on five solar projects totaling 244.7 MW in Spain.
A consortium of third-party lenders, including Banco Sabadell, Rabobank, and ING, provided the construction financing. Elmya and Metlen are the EPC contractors for the projects, while LONGi is the module supplier.
The five utility-scale projects have signed a 10-year power purchase agreement with an international technology company. Construction on the projects will commence soon.
Once operational, the solar projects are expected to produce over 480 GWh of clean energy annually to power about 150,000 households.
Marta Martinez Queimadelos, CEO of Cero Generation, said, “We are delighted to reach financial close on this portfolio, which was achieved through close collaboration with all of the key stakeholders, including our lending partners, Sabadell, Rabobank, and ING and our supply chain partners, Elmya, Metlen, and LONGi. We look forward to constructing these plants, creating job opportunities for local people, delivering community benefits, and ultimately, putting more renewable energy into the Spanish transmission network.”
Cero has a 26 GW portfolio in Europe with over 600 MW of projects in operation or under construction.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, large-scale project funding in 1H 2024 came to $19.9 billion in 117 deals compared to $14.9 billion in 113 deals in 1H 2023.
Last week, Origis Energy, the provider of a vertically integrated renewable energy platform and a solar project developer, announced the close of $71 million in tax equity financing for the development of the 75 MW Rice Creek Solar project in Florida. The Rice Creek Solar project is located in Putnam County, Florida, and it is contracted with the Florida Municipal Power Agency (FMPA) for 12 of its participating member municipal utilities.
