EIB helps finance €228m 300MWp solar plant in Spain
The European Investment Bank has invested €76.5 million in one of the largest solar projects in Spain - the Talayuela Solar plant.
The project involves the construction and operation of a 300MWp photovoltaic solar plant in the cohesion region of Extremadura, in the municipality of Talayuela.
The €228 million project has secured a project financing from the EIB and Deutsche Bank for an aggregate amount of about €165 million, which reached financial close at the end of November.
The project is sponsored by Encavis AG, an independent producer of renewable energy, and integrated solar power company Solarcentury. The project entered into a ten-year financial Power Purchase Agreement in September 2019, which hedges the off-take price for approximately 75% of the volume of the production.
The Talayuela Solar plant will be one of the most powerful solar projects in Europe, capable of producing enough energy to power around 150,000 households per year.
The EIB transaction is supported by the European Fund for Strategic Investments, the main pillar of the Investment Plan for Europe. The plant is expected to be operational in the second half of 2020.
