Elawan Energy Secures $163 Million for Renewable Project Portfolio in Spain

Elawan Energy, a developer and operator in the renewable energy industry, has recently closed €150 million (~$162.76 million) in debt financing for a portfolio of renewable projects in Spain. The project is financed by ING, Banco Sabadell, Banco Santander, and Unicaja. Watson Farley & Williams provided legal assistance to Elawan Energy through the transaction, while Clifford Chance advised the financers.

The portfolio comprises one photovoltaic project and four wind projects, totaling an installed capacity of 171 MW, located in the provinces of Cuenca and Cludad Real, Palencia, and Burgos. The solar project will utilize more than 99,200 solar panels. Work on the projects is in the advanced stage of construction. Once completed, the projects are estimated to produce 280 GWh of clean energy annually.

The Chief Investment Officer of Elawan Energy, Pedro Garcia Crespo, says, “The sharp increase in the investment plans we are undertaking to accelerate compliance with the objectives of energy transition and decarbonization of the economy through clean energy.”

According to the company, more than 475 jobs will be created in rural areas with high unemployment rates.

In total, the company currently has 54 projects in 9 countries, with more than 1.70 GW in operation, 253 MW under construction, and more than 8.5 GW in various stages of development.

According to Mercom’s Q4 and Annual Global Solar Funding and M&A report, large-scale project funding deals announced in 2023 came to $44.5 billion in 229 deals, of which 196 were disclosed. 

Highfield Solar, a solar project developer, recently secured a €65 million (~$70.45 million) debt facility to construct and operate the 93 MW Gaskinstown solar PV project in Ireland. The project is financed by the Coöperatieve Rabobank U.A., which also funded the Rathnaskilloge 106 MW project developed by Highfield Solar in December 2023. Highfield Solar, which was established in 2014, is a joint venture between renewable energy developers Highfield Energy, Aura Power, and ib vogt.