Solarcentury secures £46.5m in debt financing from NatWest and HSBC UK to fund Spanish solar projects.
The banking facilities are supported by UK Export Finance and will fund the construction of two utility-scale solar plants in Spain.
Solarcentury is a global integrated solar power company with operations spanning Europe, Latin America and Africa. Established in 1998, the firm develops, constructs and operates utility-scale solar projects and smart energy technology.
Solarcentury has secured €54.8m in debt financing, equivalent to £46.5m, from NatWest and HSBC UK. The funding package is backed by UK Export Finance and will facilitate the construction of two large solar installations in Spain. The financing includes a trade loan from NatWest and a guarantees line from HSBC UK to support working capital requirements.
The capital will be directed towards the Talayuela Solar project in Cáceres and the Cabrera Solar project near Sevilla, with a combined capacity of 500MWp. Both developments represent significant subsidy-free additions to European renewable energy generation, with completion expected across 2020.
From the founder
"Today’s announcement is testament to the strength of our business, Solarcentury’s unrivalled experience in developing and building large-scale infrastructure projects globally, and the significant investment potential of subsidy-free solar in Europe."
Neil Perry
Chief Financial Officer at Solarcentury
Investor perspective
"Renewables projects are emerging around the world and this deal highlights the strength of the UK’s offer. We’ve worked with the banks to ensure Solarcentury has the level of support required to deliver these two substantial solar projects. UKEF’s support means UK companies are well placed to win overseas contracts and exports in renewable and clean growth opportunities."
Louis Taylor
CEO, UK Export Finance
Use of funds
- 01Build out infrastructure
Investors
Categories
About the company
Solarcentury
Solarcentury develops and builds large-scale solar power projects and smart energy technology.