THE German KfW IPEX-Bank which specialises in financing overseas companies is participating in the construction and operation of the Los Escuderos solar park near Altarejos (Cuenca).
The total value of the loan is €96 million to allow the construction which will start this year and 17 years of budgeted operation with the German bank placing €64 million and the balance coming from other lenders.
The project is being undertaken by Spanish energy company Grenergy Renovables S.A. and when completed, it will create one of the largest solar parks in Spain.
This plant will have more than 342,000 photovoltaic panels, will occupy an area of more than 350 hectares and, when it comes into operation, will prevent the emission of nearly 107,800 tons of CO2 per year
The company will also be responsible for the subsequent operation of the four photovoltaic plants with an expected annual electricity production of around 385 GWh and for the first 12 years, the energy will be supplied to Portuguese energy company Galp.
After the contract expires, it is planned that the electricity produced will be sold on the spot market.
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