FRV signed a long-term Power Purchase Agreement (PPA) with ENGIE Spain and closed a non-recourse project financing in 2020.
This is the first Climate Bond Certified green transaction in Spain, consisting in a EUR 64 million green loan with Natixis acting as underwriter and sole green loan coordinator.
The project is expected to be fully operational by 2022. It will contribute to the Spanish government’s Long-Term Decarbonisation Strategy (ELP), which aims to neutralize the country’s greenhouse gas emissions by 2050. Once in operation, the San Serván plant will generate approximately 291 GWh of clean energy per year, enough to power around 105,000 Spanish homes and avoid the emission of 216,000 tons of CO2 annually.
In partnership with the Town Council of Solana de los Barros, FRV set up an initiative to increase local employment opportunities by organizing technical training on the assembly and maintenance of photovoltaic solar installations. These training sessions have been funded entirely by the project and thus at no cost to the participants interested in working during the construction phase of the plants that FRV is going to build in the area.
In addition, FRV will award two more ‘FRV Young Talented Leaders’ scholarships in Extremadura collaboration with with IE University.