The Taaleri SolarWind II fund, a fund investing in utility-scale wind and solar assets, has acquired a 100% stake in the 50 MW Niebla solar project, located in the Municipality of San Juan del Puerto in Andalusia, Spain.

The project is in the ready-to-build stage with an annual production of approximately 107 GWh. The project will produce enough electricity to supply around 28,000 households and offset the equivalent of 36,500 tons of carbon dioxide during each year of operation.

Construction work is scheduled for December 2021 and is expected to be fully operational in the third quarter of 2022.

Spanish developer Valfortec in co-operation with Taaleri Energia, developed the project. The project has a long-term power purchase agreement with Centrica Energy Trading.

Banco Sabadell will provide project financing with the green loan under the Loan Market Association’s Green Loan Principles.

“We are very pleased with this investment. Spain has significant solar resources and ambitious plans to increase the proportion of solar-generated power on the Spanish grid. Operating out of our office in Madrid, we have been steadily building our market understanding and developer network over the past three years, and we expect to continue to be an active investor in Spanish solar projects”, said Petri Isotalus Taaleri Energia’s Investment Director.

“We are very excited to have been able to collaborate with Taaleri Energia. Banco Sabadell has extensive experience in financing renewable projects in the Iberian market, which we hope to continue to share with Taaleri Energia in the future. Climate change is one of the greatest risks we face nowadays, and projects such as these are crucial in order to transition towards a more sustainable economy”, said Banco Sabadell’s Project Finance Director, Roberto García Coria.

According to Mercom’s 9M and Q3 2021 Solar Funding and M&A Report, 64 large-scale solar project acquisitions were announced in Q3 2021, a 19% increase compared to 54 acquisitions in Q2 2021. By comparison year-over-year, there were 57 transactions in Q3 2020.