• FRV has sealed a long-term loan for EUR 45 million with LBBW (Landesbank Baden-Württemberg) to finance the project
• FRV will own and operate the solar energy plant, and the German Würth Solar group will carry out construction, operation and maintenance
• With an estimated production of 16 million kWh, the plant is expected to cover the demand of 7,450 households and avoid the emission of 16,500 t CO2 per year

Fotowatio Renewable Ventures (FRV), independent solar energy generation company, today announced the completion of arrangements to finance a 11 MWp photovoltaic plant in the town of La Rioja (Almería). This is the company’s first photovoltaic project in Andalusia. In order to carry out the operation, FRV has arranged a EUR 45 million loan with the German bank LBBW (Landesbank Baden-Württemberg), using project finance.

FRV, which will both own and operate the solar energy plant, has contracted group Würth, a German group specializing in the manufacture of modules and development of solar plants, for the construction, operation and maintenance of the plant. The plant’s estimated production will be 16 million kWh, is expected to cover the energy demand of almost 7,450 households and will avoid the emission of 16,500 t CO2 per year. According to the CEO of FRV, Rafael Benjumea, “With the development and financing of this project with a power of 11 MWp, FRV is consolidating its position in Andalusia, one of the regions with the highest solar radiation levels in Europe. We are also extending, in qualitative terms, our network of engineering service contractors and financial service providers with Würth and Landesbank Baden Württemberg”.