Fotowatio Renewable Ventures (FRV), a leading developer of sustainable energy solutions and part of Saudi Arabia-based Abdul Latif Jameel Energy, has reached a financial close on the Carmonita Norte solar PV cluster in Extremadura, Spain.
With a capacity of 123 MWdc, the Carmonita Norte cluster will be the first of the three projects that the Carmonita node will host. Covering an area of 356 hectares, the projects will produce around 260-gigawatt hours (GWh) of clean energy per year, which is enough to supply energy to approximately 93,600 Spanish homes, while avoiding the emission of around 193,000 tons of carbon dioxide (CO2).
The Carmonita Norte cluster joins several solar photovoltaic projects that the company currently has in Extremadura both in operation, first is the La Solanilla with a capacity of 50 MWp, and the San Serván 220 cluster, with 138 MWp divided into three projects, and under construction, the San Serván 400 cluster with 150 MWp divided into three projects, reaching a total of 461 MWp executed. Together with the solar projects currently under development, the total projects will deliver a forecasted 1.1 gigawatts (GW) in the region in South-West Spain.
“FRV has made impressive progress in expanding its portfolio of renewable energy projects, not only in Spain but around the world. This expansion is a testament to our commitment to delivering clean energy solutions in key global markets and we are proud to have the opportunity to bring clean energy to Extremadura while supporting Spain’s broader decarbonization strategy.”
For the construction, FRV has reached a financing agreement under the Project Finance modality with MUFG, ING and Santander Corporate & Investment Banking (CIB) for a total amount of $80 million. Once the plants are operational, the project’s revenues will be guaranteed by a long-term Power Purchase Agreement or PPA.