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Fotowatio Renewable Ventures (FRV), a leading developer of sustainable energy solutions, part of Abdul Latif Jameel Energy, has reached financial close on the Carmonita Norte solar PV cluster in Extremadura, Spain.
The Carmonita Norte cluster has a capacity of 123 MWdc and will be the first of three projects that the Carmonita nodes will host. The 356-hectare Carmonita Norte cluster will produce around 260 gigawatt hours (GWh) of clean energy per year, enough to power around 93,600 Spanish households, while avoiding the emissions of around 193,000 tonnes of carbon dioxide (CO2), a statement said.
The Carmonita Norte cluster joins several solar PV projects the company currently operates in Extremadura (La Solanilla, 50 MWp, and the San Serván 220 cluster, 138 MWp, divided into three projects) and under construction (San Serván 220 Serván 400 cluster), 150 MWp divided into three projects), a total of 461 MWp was executed. Together with the solar projects currently under development, the total project is expected to deliver 1.1 gigawatts (GW) in the southwestern region of Spain.
For the construction, FRV has entered into financing agreements under the project financing model with MUFG, ING and Santander Corporate and Investment Bank (CIB) for a total amount of EUR 80.9 million. Once the plant is operational, the project’s revenue will be guaranteed by a long-term power 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 lays the foundation for the achievement of Greenhouse Gas (GHG) to Emissions neutrality in Spain by 2050.
Fady Jameel, Vice-Chairman and Vice-Chairman 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 is a testament to our commitment to delivering global clean energy solutions in key markets, and we are proud to have the opportunity to bring clean energy to Extremadura while supporting Spain’s broader decarbonization strategy.”
Fernando Salinas, Managing Director of FRV Iberia, said: “The financial closure of the Carmonita Norte cluster is good news for FRV, which will continue to expand its clean energy portfolio in Spain, thereby strengthening its position as a leader The status of a renewable energy company, as is Extremadura, has unparalleled conditions to host projects that allow clean energy to continue to grow, positively impacting both the environment and local communities, creating wealth in the region and employment opportunities.” -TradeArabia News Service
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