UK-based solar energy company, Solarcentury, has secured new financing to build two of the largest solar plants in Spain demonstrating the UK’s leadership on climate change.
UK Export Finance (UKEF), the UK’s export credit agency, has guaranteed £47.6m worth of financing for Solarcentury, in a boost to UK solar exports.
Together, the developments will generate enough energy to power more than a quarter of a million homes each year with renewable energy.
The new banking facilities comprise a £24.7m trade loan facility from NatWest and a £22.9m guarantees line from HSBC UK, with both sources of funding supported by UK Export Finance. UKEF’s support will allow Solarcentury to access the working capital and bond support needed to fulfil the contracts.
International Trade Secretary Liz Truss said: “British companies are taking the lead in developing solutions that tackle climate change and provide clean energy to thousands. I’m glad to see that this – underpinned by the UK’s legally binding commitment to end our contribution to climate change by 2050 – is bearing fruit on the international stage for exporters. We must focus on a low-carbon future and my department is ready to help what will become a very important part of the economy sell overseas.”
The funding will secure the construction of two of the largest private subsidy-free solar developments in Spain to date:
- the 300MWp Talayuela Solar project in Cáceres, Extremadura, will be one of the largest solar projects in Europe when it is fully operational in the second half of 2020, capable of producing enough energy to power 150,000 homes every year
- the 200MWp Cabrera Solar project in Alcalá de Guadaira near Sevilla, comprising four 50MWp plants, which are expected to be completed and connected to the grid by September 2020, producing enough electricity to cover demand from 105,000 households in the region.
Solarcentury, headquartered in London, has been selling renewable energy solutions for 21 years. The company’s continued focus on its overseas business strategy means that exports now account for 90% of all sales.