EIB finances the largest solar project in Andalusia
The European Investment Bank is investing €43.5 million to finance the largest solar project in Andalusia and one of the most powerful in Spain.
The Cabrera Solar Project includes the construction and operation of four 50MWp photovoltaic solar plants in Alcala de Guadaira, Seville. The four plants will provide enough clean energy to supply nearly 145,000 households per year and will contribute to reducing CO2 emissions by 300 metric kilotons CO2-equivalent per year.
The project, sponsored by Encavis AG and developed by Solarcentury, secured senior debt facilities for an aggregate amount of €96 million from the EIB, Deutsche Bank and Rabobank, and reached financial close in June 2020.
The project entered into a Power Purchase Agreement with Amazon.com, which hedges the off-take price for a significant volume of the energy production.
The EIB will contribute to the crowding-in of other investors and private lenders, while the European Fund for Strategic Investments will provide the long-term non-recourse debt financing.
