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Planned 121-MW Spanish solar farm secures project financing

A planned 121-MW solar project in Spain secured financing through the issuance of a mid-double-digit million-euro amount of senior secured "Schuldschein" loans as project bonds with two German pension funds.

The equity for the Guillena-Salteras project was provided by a renewable energy fund for institutional investors. Luxcara GmbH, which counts the solar project as part of its portfolio, provided advice on structuring the project financing, and to the institutional investors.

Luxcara said Oct. 14 that it is the first Schuldschein loan of its kind for a solar project based on a power purchase agreement in Europe. The output buyer is Swiss energy services provider and electricity producer Alpiq Holding AG.