Renewable energy company Grenergy has closed €98 million in non-recourse financing for its 172-megawatt Ayora photovoltaic plant in Spain’s Valencia region, the company said.
The financing package, which includes €13.6 million in letters of credit loans, was arranged entirely with Banco Santander, Grenergy said. The Ayora plant has already been constructed and is currently in the commissioning phase.
Grenergy said the project also benefits from a 15-year power purchase agreement, providing long-term revenue visibility.
The Spanish group has secured several large financing deals this year. In September, it raised $270 million to fund the Elena phase of its Oasis de Atacama project in Chile, and earlier in the year it secured $324 million for the Gabriela phase of the same development.
Grenergy said its project pipeline in Spain includes 3 gigawatt-hours of hybrid storage projects alongside 5.7 gigawatt-hours of stand-alone battery storage schemes, reflecting its focus on combining renewable generation with energy storage.
