NORD/LB, Rabobank, and Siemens Bank have provided €135 million ($160 million) in financing for a 199-MW portfolio of wind and solar farms in Spain. The projects, acquired by ENCAVIS, are set to generate 467 GWh of clean electricity annually once fully operational. Spain aims to install 62 GW of wind and 76 GW of solar power by 2030.

The financing package includes a €117 million term facility with a maturity until June 30, 2044, a €5m debt service reserve facility, and a €13m LC facility. NORD/LB, Rabobank, and Siemens Bank played key roles in arranging the deal. The wind farms feature 24 Nordex turbines, while the solar farms will have 98,000 bifacial ground-mounted solar panels.

ENCAVIS CEO Mario Schirru expressed confidence in the project and highlighted the importance of reliable partnerships and sustainable project financing in achieving renewable energy goals. The bank consortium’s legal adviser was Clifford Chance, and Watson, Farley & Williams represented ENCAVIS. The projects are crucial in helping Spain achieve its wind and solar targets and accelerate the decarbonization of the economy.

Read more at Yahoo Finance: Bank Consortium Closes $160M Financing for Spanish Wind, Solar Portfolio