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French fund manager RGreen Invest and Paris-based financier Energy Transition International Capital (ETIC Partners) have provided EUR 20.2 million (USD 21.8m) as part of a EUR-27-million financing package to support the construction of a portfolio of solar power projects in Spain.
The funding will enable CVE Espana, a unit of French independent renewable energy producer CVE Group, to build 24 MW of solar farms in the Spanish region of Aragon.
RGreen Invest said it has provided EUR 17 million in senior bridge financing, with ETIC Partners providing EUR 3.2 million in mezzanine financing. The funding will be complemented by CVE equity.
CVE Espana’s portfolio consists of six solar projects of 4 MW each located near Zaragoza. The firm is due to commission the plants in late 2024 and early 2025.
CVE Espana will monetise the solar farms by selling their electricity directly under a power purchase agreement (PPA). The firm is now working to sign a PPA with an industrial customer, aiming to close it in early 2024, the press release said.
(EUR 1.0 = USD 1.079)
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