European renewable energy developer Solaria has signed an agreement in principle with Spanish financial services company Banco Sabadell for the long-term financing of its 175MW Oliva solar project in the province of Guadalajara, Spain.
The financing, reaching up to €93.5m ($106.2m), is contingent upon successful due diligence and final approval from the bank’s risk committee.
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The funds will bolster the development of the Oliva solar project, showcasing Solaria’s dedication to sustainable digitalisation and energy transition.
The project is closely associated with the construction of a data centre, designed to be self-sufficient in energy with a guaranteed 70MW capacity.
Solaria CEO Darío López stated: “We are very pleased to announce this agreement, which reflects Banco Sabadell’s reiterated confidence in our company. This financial operation represents a firm step towards the fulfilment of our goals and, consequently, towards the promotion of the energy transition, an essential aspect for the progress of society”.
The Oliva solar project, consisting of five photovoltaic plants, will provide 100% renewable energy, sufficient to power 84,000 households annually.
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By GlobalDataThe plants, named Oliva solar 1 (50MW), 2 (50MW), 3 (25MW), 4 (25MW) and 5 (25MW), will be located in the Usanos district of Guadalajara and connected to the Daganzo substation.
Solaria obtained the necessary administrative construction authorisation for the project in May 2024.
Oliva is the company’s second solar project in Guadalajara, adding to the existing 626MW Cifuentes-Trillo project in the region.
The project will create 700 jobs during its construction phase and will prioritise local employment.
In January 2024, Solaria obtained administrative construction authorisation for its 595MW Garoña photovoltaic project in Spain.
