X-ELIO, a solar project developer, closed a 102 million euros (~$112 million) financing deal for Los Llanos I, II, and III solar projects, totalling 147 MW in Spain. The financing was provided jointly by BBVA and Santander CIB for €82 million (~$90 million) of debt, €6 million (~$7 million) in RSD Credit, and €20 million (~$22 million) in Guarantees.
The solar projects will generate more than 300,000 MWh of clean energy per year, an average estimated supply of renewable energy to the equivalent of 91,800 homes/per year. With these new projects, X-ELIO consolidates its commitment to Extremadura, one of its critical and key regions in Spain, where it opened a new office in Mérida last year.
Nicholas Pentreath, Chief Financial Officer of X-ELIO, stated: “The closing of this landmark financing agreement demonstrates the trust of two leading global banks in the development of X-ELIO’s high-quality portfolio of sustainable solutions. It is a major step towards achieving our objectives of renewable energy deployment and keeps demonstrating the company’s ability to raise competitive finance with world-leading financial institutions, as is Santander and BBVA”.
” As part of BBVA’s commitment to sustainability, our goal is to accompany our customers and society in the process of transitioning towards environmental friendly production and industry models. Supporting the X-ELIO project, leader in the field of renewable energies, is a step further in our commitment to the deployment of renewable energy and CO2 reduction,” indicated Elena López Nieto, Director of Corporate Banking of Central Region for BBVA.
According to Mercom’s Q1 2023 Solar Funding and M&A report, announced large-scale project funding in Q1 2023 came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022. YoY, large-scale project funding declined 41% compared to $9.1 billion announced in 36 deals in Q1 2022.