Element Power secures financing for Spanish solar PV project

ALICANTE, SPAIN: Element Power has successfully secured a €18.5m debt facility for its 3.51MW PV solar project in Alicante, Spain.

The 17-year facility was provided by Triodos Bank following Element Power’s acquisition of the project, which commenced operations in August 2008. The project, built by Siliken Energy and comprising Siliken crystalline modules, generates clean renewable power under the Feed In Tariff governed by Spain’s Royal Decree 661/2007.

Fraser Welham, Element Power’s Chief Financial Officer commented, “We are very pleased with the outcome of this financing, which clearly demonstrates the return of competitive project finance debt for selective projects and leading sponsors”.

The project’s financing follows Element Power’s successful closing of a €71.2m debt facility for the construction of its 49.4MW wind farm in Lerida, Spain.

“We are delighted with the Element Power team’s continued success in securing project finance on great terms in what continues to be a challenging environment” stated Neil Auerbach, Managing Partner of Hudson Clean Energy whose $1bn private equity fund established and backs Element Power.

Auerbach added: “The investment in this project is one more step towards building Element Power into a leading franchise in the renewable energy market. With a growing operating portfolio, over 6,000MW of projects under development and some of the best talent in the sector, Hudson has a fantastic platform that we will continue to grow in Europe, North America and beyond”.

Triodos Bank provided the debt facility following project due diligence that involved Garrigues Medioambiente (legal and technical) and Arç (insurance).