aventron achieves financial close on 50 MW subsidy free solar plant in Spain

aventron signed financing agreements for the 50 MW Bargas solar plant and initiates construction phase on the 95 hectare project near Toledo, Spain. The project is a first of its kind, producing renewable energy without any subsidies nor feed-in tariff.

Financial close was achieved with Banco Sabadell for the debt financing of the Bargas 50 MW single axis tracker project located near Toledo. Tracking ensures the modules face the sun in an optimal angle increasing the energy production. Notice to proceed for construction was given to Solarpack Corporacion Tecnologica S.A., the EPC contractor for the project. After an expected nine month construction period, this subsidy free project will start to deliver 90 GWh of clean energy per annum to the grid.

This represents a major milestone for aventron, lifting its installed capacity well over 500 MW and strengthening its position in solar energy viewed as very complementary to its existing wind and hydro portfolio. aventron demonstrates  with this project that solar energy production without subsidies can be economically viable.

Dr. César Alcazar Santos, Head of aventron España SL comments “As a committed player in the European energy sector, we shape the future and make a significant contribution to renewable electricity production. After 3 years of intensive work and close collaboration with our local development partner we are proud to take this project into construction phase”.

Mr. Pablo Burgos, CEO of Solarpack stated that “this is a relevant milestone for Solarpack that shows the competitiveness of our development and construction business unit. We are pleased to work side by side with our client aventron on the construction of this project which reinforces our presence in the Spanish market, by moving 50 MW from “Pipeline” to “Backlog”.