July 29, 2022

Elawan Energy closes financing for nine photovoltaic plants in Castilla-La Mancha for 250 million euros.

Elawan Energy closes financing for nine photovoltaic plants in Castilla-La Mancha for 250 million euros

  • The 9 projects have an aggregate installed capacity of 440MW.
  • Construction is advanced and they are expected to be operational between late 2022 and early 2023.

Elawan Energy, a global player in the renewable energy sector, has announced the closing of a €250 million debt financing for the construction of 9 photovoltaic plants in the Castilla La Mancha region of Spain. The financing, which is the largest obtained to date by the company, was provided by Banco Santander, BBVA, MUFG Bank, Banco Sabadell and Intesa San Paolo Bank Luxembourg, advised by Clifford Chance. The law firm assisting Elawan Energy in the closing of the transaction was Watson Farley & Williams.

The 9 photovoltaic plants will have 800,000 modules (solar panels) with state-of-the-art technology in terms of energy efficiency. The Escuderos, Belinchón and Torrijos portfolios are currently under construction in the provinces of Cuenca and Toledo in the Castilla-La Mancha region of Spain. These facilities are expected to be operational by the end of 2022 or early 2023.

In total, these plants will have an installed capacity of 440MW, with an estimated annual production of 887GWh of clean energy that will supply approximately 90,000 families per year. Among the various positive impacts that these projects will generate, it is worth highlighting the generation of value at a local level, the company expects to generate more than 1,150 jobs in rural areas with high unemployment rates.

Pedro García Crespo, Chief Investment Officer of Elawan Energy, highlighted “the sharp increase in investment plans that we are undertaking to accelerate compliance with the objectives of energy transition and decarbonization of the economy through clean energy”.

In total, the company currently has 36 plants in production in 9 countries, with more than 1.1 GW in operation, 840 MW under construction and more than 9 GW in various stages of development. During 2021, the operational plants generated 2.7 million MWh.



Juan Cardona


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