Lightsource bp has successfully reached financial close for its Barrica solar projects in the Aragon region of Spain, giving the greenlight for construction to begin on two 49.5MWp solar sites. Financial backing has been received from Natwest, Santander, Sabadell and Intesa Sanpaolo to see the cluster through to completion. The construction process will create over 300 construction jobs across Calamocha and Cuevas de Almudén, in the Teruel province of Aragon.
The €52 million term loan raised is in addition to €135.5 million already raised for the company’s Spanish flagship 247 MWp Vendimia project also located in the province of Aragon.
The company acquired the Barrica projects from local development partner Forestalia in August 2020 and successfully finalised the development and achieved financial close in just eight months. It also benefits from the stable revenue provided by a long-term power purchase agreement (PPA) with bp’s European power trading team, selected as the off-taker through a competitive process run by Lightsource bp. The two projects will be built using the latest solar technology including 200 000 bifacial panels mounted on single-axis trackers that optimise energy generation by tracking the movement of the sun. Local engineering specialist Grupotec has been selected as the EPC contractor.
Once operational, the sites will reduce carbon emissions by 59 474 t, and generate enough renewable electricity to power 45 890 Spanish homes. Both sites are expected to be fully operational in 2022.
Investment and job creation in the rural economies of Spain is one objective of the nation’s Recovery and Resilience plan, which has a substantial focus on green investment. Through its solar projects and financing partners, Lightsource bp is contributing towards the stimulus needed for Spain to develop its rural regions and distribute wealth across the country in the form of jobs and economic investment. The company will invest €2 billion in Spain during the course of the next five years. The investment also aligns with the country’s national energy and climate plans (NECPs), part of the wider clean energy objectives of the EU, by providing low carbon energy and creating green jobs.
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