Spanish solar energy specialist, Soltec Power Holdings SA, announced on Monday the successful signing of a long-term financing agreement with Triodos Bank for the construction and operation of a 5.6-MWp solar photovoltaic plant in south-eastern Spain.
Under the agreement, Triodos Bank will provide EUR 3.6 million (USD 3.8m) in project finance, complemented by an additional EUR 550,000 raised through crowdfunding efforts from local communities around the Totana IV solar project in the Spanish region of Murcia. The crowdfunding initiative, facilitated by Spanish platform Fundeen, specifically targets contributions from residents and businesses within 60 kilometers (37.3 miles) of the Totana IV site.
Upon commencement of operations, Soltec plans to directly sell the solar farm's output to the electricity market. However, for a 12-year period, the plant will receive a fixed price of EUR 54 per MWh under the auction economic regime. Soltec indicated that this fixed price would be subject to a 5% variation based on market prices.
The financing agreement was executed through Soltec's asset management division, Soltec Assets. Currently, Soltec Assets operates 230 MW of solar farms in Spain and Brazil. The company aims to expand its portfolio to nearly 1,000 MW of assets by the year 2025, reflecting its commitment to continued growth in the solar energy sector.
