Madrid, 25 February 2021
Solaria has reached an in-principle agreement with the Dutch bank Rabobank for the long term financing of 150MW associated to the PPA contract signed with Axpo that was announced last September 2020.
This agreement also includes the anticipated participation of KfW Development Bank, subject to KfW approval.
This agreement is subject to a successful completion of the due diligence review of the projects under construction and the final approval of bank’s risk committee.
The financing will be provided under the project finance modality for an amount of around 75 M EUR.
The plants will be connected in 2021.
Enrique Diaz-Tejeiro, President of Solaria, said:
“It is a great honour to sign a financing with the Dutch bank Rabobank, one of the safest and most sustainable banks in the world. Financing conditions are exceptional, the best we have signed to date, which allows us to affirm that our financial position is comfortable with more than €80 million of cash and our growth based on the signing of project finance with leading entities worldwide”.
The energy fed into the grid by the PV plants included in these contracts will be 100% renewable and will reduce the CO2 emissions to the atmosphere by more than 60,000 tons per year, thus helping to reach the targets of the Renewable European Directive 2009/28/EC to reduce greenhouse gas emissions. The volume of these contracts is equivalent to the consumption of more than 90,000 households per year.