January 7 (Renewables Now) - UK solar power company Solarcentury has secured GBP 47.6 million (USD 62.38m/EUR 55.83m) in government-guaranteed funding for two solar parks with a combined capacity of 500 MWp in Spain, UK Export Finance announced on Tuesday.
The UK's export credit agency has guaranteed a GBP-24.7-million trade loan facility provided by National Westminster Bank (NatWest) and a guarantees line of GBP 22.9 million from HSBC UK. UK Export Finance's assistance will enable Solarcentury to access the working capital and bond support it needs to fulfill the contracts.
Solarcentury will use the financing for the 200-MWp Cabrera solar project, located in Alcala de Guadaira, Seville, and the 300-MWp Talayuela photovoltaic (PV) project in Caceres, Extremadura.
The Cabrera solar farm, consisting of four 50-MWp parks, is due to be completed by September 2020. It will produce enough power to meet the demand from 105,000 homes in the region.
The Talayuela solar park is expected to reach full operation in the second half of the year, producing enough power to supply 150,000 households a year. Solarcentury is developing the Talayuela project together with German wind and solar park operator Encavis AG (ETR:CAP). The project has also received financial support from The European Investment Bank (EIB) and Deutsche Bank.
(GBP 1.0 = USD 1.3106/EUR 1.1730)