Spanish Abengoa Solar completes financing for new solar projects worth more than €280 million
Fourteen banks are participating in the financing of four new solar projects.
Madid, August 7, 2008
Source: Abengoa Solar press release
http://www.abengoasolar.es/sites/solar/en/noticia12.jsp
Abengoa Solar has completed the financing of the new Solnova 4 Concentrating Solar Power plant and three new photovoltaic plants worth more than €210 million and €70 million respectively. The institutions involved in the financing are Banesto, Caja Madrid, Calyon, Dexia Sabadell, ING, Kfw, Ladesbank, Natixis, Santander, Société Générale and Ubibanca for the construction and start-up of Solnova 4, and La Caixa, Sumitomo and West LB for the photovoltaic plants.
The Solnova 4 plant, on which construction will begin in September at the Solúcar platform in Sanlúcar la Mayor (Seville), will have 50 megawatts of power output capacity and will use the same parabolic trough technology as the Solnova 1 and Solnova 3 plants already under construction. The three photovoltaic facilities are located in the towns of Sanlúcar la Mayor (Seville), las Cabezas de San Juan (Seville) and Linares (Jaén), and will use photovoltaic tracking technology.
Santiago Seage, Chairman of Abengoa Solar, confirmed that the financial support “is a very important milestone for Abengoa Solar. More than half of the 300 megawatts planned for our Solúcar platform are under construction. The PS10 is already operational and with Solnova 4 we will have 170 megawatts under construction”.
Amando Sánchez Falcón, Abengoa CFO, stated that, “this deal is just another example of Abengoa’s ability to continue financing operations in a difficult environment. The confidence that the financial institutions place in the combination of Abengoa Solar’s technology and operational leadership and Abengoa’s construction capabilities is one of the keys to the success of this deal”.
Abengoa Solar focuses its business on developing and applying technology for generating electric power with the sun. Abengoa is a technological company that applies innovative solutions for sustainability in the infrastructure, environment and energy sectors. It is listed on the Madrid Stock Exchange and is present in over seventy countries, in which it operates through its five business units: Solar, Bioenergy, Environmental Services, Information Technologies, and Engineering and Industrial Construction.