A banking consortium comprising Deutsche Bank, the European Investment Bank and Coöperatieve Rabobank has provided financing for four solar plants in Spain jointly know as Cabrera Solar.
The project, which is owned and operated by the Hamburg-based renewable energy project investor and operator Encavis, was developed and built by UK-headquartered solar power company Solarcentury.
The financing provided by European Investment Bank is supported by the European Fund for Strategic Investments (EFSI), the main pillar of the Investment Plan for Europe, also known as the Juncker Plan.
The solar plants are located in the municipality of Alcalá de Guadaíra, Seville in the autonomous region of Andalusia. With a generation capacity of around 200 megawatts (MW) in aggregate (50 MW each), the project will be one of the largest solar parks in Spain.
The plants are scheduled to be connected to the power grid by the last quarter of 2020.
The project is being built without any subsidies and the financing is based on a long-term power purchase agreement the project companies have concluded with Amazon.
The banking consortium was advised by Clifford Chance – the team included partner Christof Häfner (banking & finance, Frankfurt), partner José Guardo (banking & finance, Madrid), senior associate Dominik Kepinski (banking & finance, Perth), associate Sarah Katharina Winter (banking & finance, Frankfurt), lawyers Marta Ruiz and Álvaro Cabaleiro (both banking & finance, Madrid), transaction lawyer Sonja Lukner as well as legal support assistants Antonia Kipry and Cornelia Lambert (all banking & finance, Frankfurt).
Encavis reported revenues of €273.8 million in 2019. The company is led by CEO Dierk Paskert (pictured)