ARLINGTON, USA: AES Solar Energy Ltd (AES Solar), a joint venture between The AES Corporation and Riverstone Holdings LLC, announced that on October 31, 2009 one of its subsidiaries closed three long-term non-recourse debt facilities for three of its portfolio of photovoltaic projects in Spain totaling approximately €25 million.
The loans were extended by the Spanish branch of the European ethical and sustainable bank Triodos Bank, N.V. The three photovoltaic installations located in Granada, Spain, have a total peak capacity of 4.8 MWp. First Solar thin film panels are utilized in all three projects.
“We are very pleased to continue our success of developing sustainable sources of power in Spain – one of our core markets - despite the challenging credit markets. This transaction demonstrates our ability to raise non-recourse debt for well-structured projects that have committed people on both sides of the deal. We hope that this deal forms the start of a long term relationship between AES Solar and Triodos Bank,” said Robert Hemphill, CEO of AES Solar.
“Triodos Bank is a specialized bank with strong experience in the renewable energy sector, above all in the Spanish solar PV sector. We consciously focus on high-quality plants in all our financing transactions in the photovoltaic sector, and AES Solar Energy has fully convinced us of the quality of their operations,” stated Martín Guiñazú, Director of Business and Charity Banking at Triodos Bank Spain. Triodos Bank won this year’s Financial Times Sustainable Bank of the Year Award.
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