Fotowatio Renewable Ventures (FRV) has announced reaching financial close on the Carmonita Norte solar PV cluster in Extremadura, Spain, reported Trade Arabia.

The Carmonita Norte cluster, with 123MWdc capacity, will be the first of the three projects in the Carmonita complex.

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Spread in an area of 356ha, the Carmonita Norte cluster will generate around 260GWh of clean energy annually.

The amount of clean energy generated annually could supply power to around 93,600 homes, without emitting 193,000t of CO2.

FRV, which is a part of Abdul Latif Jameel Energy, signed a financing agreement under the Project Finance modality with ING, MUFG, and Santander Corporate & Investment Banking (CIB) for €80.9m to undertake construction.

Once the facilities are operational, the revenues for these will be ensured through a long-term power purchase agreements (PPA).

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The first plant in the Carmonita complex is expected to be fully operational by the end of 2023.

Abdul Latif Jameel deputy chairman and vice chairman Fady Jameel said: “FRV has made impressive progress in expanding its portfolio of renewable energy projects, not only in Spain, but around the world.

“This expansion is a testament to our commitment to delivering clean energy solutions in key global markets and we are proud to have the opportunity to bring clean energy to Extremadura while supporting Spain’s broader decarbonisation strategy.”
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Image: Spread in an area of 356ha, the Carmonita Norte cluster will generate around 260GWh of clean energy annually. Credit: atimedia from Pixabay.