Grenergy, a Spain-based solar project developer and an independent power producer, secured €89.5 million (~$96 million) financing for the construction of its 150 MW of solar project in Spain.

The loan was provided by two banking entities, Norddeutsche Landesbank Girozentrale (NORD/LB) and Bankinter, and also includes other complementary credit lines for the construction and development of the park. Each of the two entities will assume half (of) the senior debt of approximately €44.7 million (~$48 million). The financing includes debt financing for a construction term plus 19 years.

The Belinchón solar project, with 150 MW, is the second largest project built by Grenergy to date, with Spain as its primary market in Europe, where it currently has a project portfolio of more than 2 GW at different stages of development.

The project, located in the Cuenca municipality of Barajas de Melo, is under construction, will have about 230,000 photovoltaic panels, and will occupy an area of more than 300 hectares. When it comes into operation, it will provide clean energy to 31,000 homes and prevent the emission of about 115,010 tons of CO2 annually.

The project has a 12-year PPA with an Iberian utility, starting in January 2025.

According to the CEO of Grenergy, David Ruiz de Andrés, “this agreement ratifies the confidence of national and international banks in renewable energy and reaffirms our leadership in green financing.”

According to Mercom Annual and Q4 2022 Solar Funding and M&A report, large-scale project funding in 2022 came to $32.1 billion in 179 project funding deals, compared to $18.7 billion in 185 projects in 2021. Norsk Solar, an independent solar power producer, recently secured a green bond of $10 million to finance its 18 MW solar power project in Brazil. The funding was secured through the issue of a 15-year Certificado de Recebiveis Imobiliarios (CRI) green bond with support from the Brazilian asset manager Valora Investimentos.