Renewables developer Q ENERGY has reached debt financial close for its ‘Taurus B’ portfolio, which includes seven solar photovoltaic (PV) plants in Spain.
These seven solar plants have a combined capacity of 251.71MWp.
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The projects are currently under construction and are being integrated with battery energy storage systems (BESSs).
Taurus B represents the energy company’s first independent power production initiative on the Iberian Peninsula.
Once operational, the portfolio is expected to provide electricity to 131,000 households in Spain, with an anticipated reduction in carbon dioxide (CO₂) emissions exceeding 93,000 tons (t) annually.
Q ENERGY is the sole owner, as well as responsible for ownership, engineering, procurement, construction, and operations and maintenance for these projects.
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By GlobalDataThe solar plants are located across three provinces in northern and south-western Spain.
One of these projects is the Brovales solar farm in Extremadura, which is nearing completion.
This facility, with a capacity of 52MWp, is expected to generate enough power to serve around 27,000 households. This is expected to reduce around 23,000t of CO₂ emissions annually.
In addition, a cluster of three PV solar plants being developed north of Carmona in Seville will have a total capacity of 105MWp, making it the largest group within the portfolio.
This cluster is projected to be operational from the second half of 2026. It is expected to provide electricity for 54,000 households, lowering CO₂ emissions by more than 36,000t.
The Zaratan cluster, located in Castile and León, consists of three adjacent solar plants. This will generate adequate electricity for approximately 50,000 households, leading to an estimated reduction of 33,000t of CO₂ emissions each year.
These plants are expected to be completed by the end of 2026, along with a 75MW BESS facility currently in development at the same location.
Mitsubishi UFJ Financial Group and BNP Paribas are lead arrangers for the transaction.
The projects have been structured with a focus on risk management, featuring nonrecourse debt raised at the holding company level and cross-collateralisation among the various projects to enhance financing terms.
Q ENERGY chief investment officer Terry Lee said: “The successful financing once again underlines the robust planning of our projects, which not only rely on PV, but also offer further attractive revenue opportunities in combination with BESS.”
