Cero Generation has successfully finalized financing for a significant portfolio of five solar energy projects in Spain’s Palencia region.
The total installed capacity of these projects is set at 244.7 MWp. This financial closure comes with backing from a consortium of experienced lenders: Banco Sabadell, Rabobank, and ING, who are well-versed in the Spanish renewable energy sector.
The financing arrangement includes a 10-year power purchase agreement (PPA) with an international technology firm, ensuring stability for the projects. With the financial aspects secured, construction is set to begin shortly.
Key Players and Project Details
The construction phase will involve Elmya and Metlen as the EPC (Engineering, Procurement, and Construction) contractors, while LONGi will supply the necessary solar modules.
The development of these projects will engage over 200 individuals, thereby generating local employment opportunities.
In addition to the construction work, Cero Generation is committed to supporting conservation programs in the Castilla y León autonomous community over the coming years.
This initiative reflects the company’s dedication to integrating environmental and community benefits into their project development strategy.
Environmental and Community Impact
The five solar projects are expected to produce more than 480 GWh annually. This amount of renewable energy is sufficient to power approximately 150,000 homes and will help avoid over 175,000 tons of CO2 emissions.
Moreover, Cero Generation plans to deliver additional biodiversity benefits at the project sites, further enhancing the positive impact on the environment.
Industry Reactions and Statements
Marta Martinez Queimadelos, CEO of Cero Generation, expressed enthusiasm about reaching financial close, emphasizing the collaborative efforts with key stakeholders such as Sabadell, Rabobank, ING, Elmya, Metlen, and LONGi.
She highlighted the anticipated benefits of the projects, including job creation and increased renewable energy contributions to the Spanish grid.
Roger Font, Head of Project Finance at Banco Sabadell, remarked on the bank’s pride in being selected for this project and its ongoing commitment to supporting renewable energy initiatives in Spain.
He noted Banco Sabadell’s history of backing renewable projects and expressed hope for future collaborations with Cero Generation.
Stefan Hogewoning, Director of Project Finance Europe at Rabobank, highlighted the alignment of this financing with Rabobank’s energy transition strategy. He conveyed excitement about supporting Cero Generation’s expansion in the Spanish solar market and their global portfolio of renewable energy assets.
David Mesia, Head of Energy Sector Coverage for Spain and Portugal at ING, expressed satisfaction with partnering on this landmark solar project.
He praised the initiative’s role in advancing Spain’s renewable energy goals and ING’s commitment to supporting the energy transition with tailored financing solutions.
Collaborator Insights
Gerardo Rodriguez Pagano, Managing Director at Elmya EPC, emphasized the strategic importance of this collaboration, building on past successes in Italy. He reaffirmed Elmya EPC’s commitment to ensuring the success of these projects in Spain.
Leon Zhang, President of LONGi Utility Europe, celebrated LONGi’s role as a key supplier, noting that the project marks a significant milestone in the global renewable energy transition. He highlighted the integration of LONGi’s advanced solar technology with Cero Generation’s expertise as a new industry benchmark.
Nikos Papapetrou, Executive Director at M Renewables – METLEN Energy & Metals, expressed excitement about the partnership with Cero Generation. He acknowledged METLEN’s reputation for handling large-scale solar and energy storage projects and its role in advancing environmental goals in the Iberian Peninsula.
Conclusion
The financial closure for Cero Generation’s solar projects represents a significant step forward in Spain’s renewable energy sector.
With a robust team of partners and a strong commitment to environmental and community benefits, these projects are poised to make a substantial impact on both the local job market and the global effort to transition to cleaner energy sources.