Spanish solar generation company Solaria have announced an agreement with the bank Natixis for the long-term financing of 250MW worth of Solar awarded in the 2017 renewable Spanish tender.

The agreement is subject to a successful completion of the due diligence review of the projects under construction and the final approval of the bank committee. The financing will be provided under the project finance modality for the amount of €125M. The plant is due to be commissioned over the next 12 months.

Enrique Díaz-Tejeiro, SOLARIA President: “To close the long-term financing of these 250MW was one of our priorities. To do it with an international reference entity such as Natixis allows us to be optimistic to keep growing to become the largest PV solar generator in Spain”.

This comes off the back of an announcement stating the construction of 400MW of solar has begun across Spain. Using inverters supplied by Sungrow and transformers from Siemens, the total power of the 400MW would equal the annual electricity supply for a city of 150,000 people.