The bank provided the 17-year facility after the company acquired the project that began operations in August 2008.
The Siliken Energy built project, which comprises of Siliken crystalline modules, generates clean renewable power under the Feed In Tariff governed by Spain’s Royal Decree 661/2007.
Fraser Welham, chief financial officer of Element Power, said: “We are very pleased with the outcome of this financing, which clearly demonstrates the return of competitive project finance debt for selective projects and leading sponsors.”
The project financing follows Element Power’s closing of a EUR71.2m debt facility for the construction of its 49.4MW wind farm in Lerida, Spain.
