A UK-based solar energy company has secured a total of £47.6 million to build two of the largest solar plants in Spain.
UK Export Finance (UKEF) has guaranteed the financing for Solarcentury to develop the subsidy-free projects, which will together generate enough electricity to power more than a quarter of a million homes every year.
One of the projects is the 300MW Talayuela Solar project in Cáceres, Extremadura, which will be capable of producing electricity for 150,000 homes annually.
The second Cabrera Solar project with a total capacity of 200MW and comprising of four 50MW plants, will be built in Alcalá de Guadaira near Sevilla and cover power demand for 103,000 households in the region.
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 new banking facilities comprise a £24.7 million trade loan from NatWest and a £22.9 million guarantee from HSBC UK, both supported by UKEF.
UKEF CEO Louis Taylor added: “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.”