- The new 123 megawatt (MWp) solar power plant will be financed by MUFG, ING and Santander CIB and will cost around 80.9 million euros.
- Once operational, the plant will produce around 260 gigawatt hours (GWh) of clean energy per year and avoid emissions of around 193,000 tonnes of carbon dioxide (CO2) per year.
Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy, has closed the financial close of the Carmonita Norte solar PV cluster in Extremadura, Spain.
With a capacity of 123 MWdc, the Carmonita Norte cluster will be the first of three projects that the Carmonita node will host. Covering an area of 356 hectares, the Carmonita Norte cluster will produce around 260 gigawatt hours (GWh) of clean energy per year, which is enough to supply energy to around 93,600 Spanish homes, while avoiding the emission of approximately 193,000 tons of carbon dioxide (CO2).
The Carmonita Norte cluster joins several solar photovoltaic projects that the company currently has in Extremadura, both in operation (La Solanilla, 50 MWp, and the San Serván 220 cluster, 138 MWp divided into three projects), and under construction (the San Serván 400 cluster, 150 MWp divided into three projects), reaching a total of 461 MWp executed. Together with the solar projects currently under development, the combined projects will provide approximately 1.1 gigawatts (GW) in the southwestern region of Spain.
For the construction, FRV has concluded a financing agreement under the Project Finance modality with MUFG, ING and Santander Corporate & Investment Banking (CIB) for a total amount of 80.9 million euros. Once the factories are operational, project revenues will be guaranteed by a long-term contract Electricity purchase agreement or PPA.
It is estimated that the first plant of the Carmonita complex will be fully operational by the end of 2023, which will contribute to the long-term decarbonization strategy (LTS) promoted by the Spanish government, which defines the way forward to achieve the gases greenhouse (GHG) emissions neutrality in Spain by 2050.
Fady Jameelvice president and vice president of Abdul Latif Jameel, said:“FRV has made impressive progress in expanding its portfolio of renewable energy projects, not only in Spain, but around the world. This expansion demonstrates our commitment to providing clean energy solutions in key markets. markets and we are proud to have the opportunity to bring clean energy to Extremadura while supporting Spain’s broader decarbonization strategy.”
Fernando Salinas, General Manager of FRV Iberia, commented on the project: “The financial close of the Carmonita Norte cluster is excellent news for FRV, which continues to expand its clean energy portfolio in Spain and, thus, consolidate its role as a leader in renewable energies, as well as for Extremadura, which has unbeatable conditions to host projects that allow clean energy to continue to grow, with the positive impact this has on both the environment and the local community, generating wealth and employment in the region.
About Abdul Latif Jameel Energy
Abdul Latif Jameel Energy was established in 2012 and is now a leading independent power producer and service provider in the renewable energy sector, with interests in 16 countries around the world with capabilities in renewable energies including solar PV, wind, waste-to-energy and environmental solutions including desalination, water and wastewater treatment. For more information, visit: alj.com/energy
FRV, part of Abdul Latif Jameel Energy, is one of the world’s leading renewable energy development companies. In line with our ambition to continue to lead the global transition to a more sustainable energy future, FRV has grown from a simple developer to an independent power producer.
Our goal is to be the world’s leading green energy and infrastructure platform. To achieve this strategic vision, we have accelerated our growth through the profitability of our activities, shareholder contributions and asset rotation through the sale of minority interests. As a result, the company plans to invest over US$1.5 billion with the goal of doubling total installed capacity from 2 GW in 2021 to 4 GW in 2024. For more information, please visit: frv.com
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