Matrix Renewables and BBVA have announced the closing of a €40 million sustainable financing to begin construction of two solar power plants in Spain. The solar projects, called Zaratán and Arroyadas, will be located in the municipality of Valladolid in northwest Spain.
Sustainable project financing
40 million in long-term debt will be split between the two solar projects, generating a combined total of 66 MW when completed. BBVA led the financing as the sole coordinator of the green loans and the financing was structured as a green loan aligned with the LMA green loan principles.
Important role for Matrix Renewables
Nicolas Navas, CFO of Matrix Renewables, said the agreement is an important step for the company in consolidating its strong pipeline and portfolio in Europe. The company is proud to add these projects to the €1.2 billion in funding it has already secured since its founding in September 2020.
BBVA, leader in sustainable financing
Elena López Nieto, head of BBVA Corporate Banking in Central Spain, stressed that sustainability is a key growth lever for the bank and that BBVA provides innovative financing solutions to accelerate the transition to a decarbonized economy. The Matrix Renewables project, financed by BBVA, is an example of the bank’s focus on this area and reinforces its leadership in sustainable financing.
Positive impact on local employment
Not only will the solar projects bring new renewable electricity, but over 500 jobs will be created in the region during the construction phase. Construction began in December 2022 and the plants are expected to come online in late 2023. Matrix was advised by Ontier and BBVA was advised by Watson Farley Williams.
In conclusion, this investment by Matrix Renewables and BBVA will advance renewable energy in Spain and create new jobs in the region. It is a concrete example of the determination of companies to invest in a sustainable future for our planet.
