Cero reaches fin close on 244.7-MWp Spanish solar portfolio

Cero Generation, an independent portfolio company of Macquarie Asset Management’s Green Investment Group (GIG), has achieved financial closing on 244.7 MWp of solar projects in the Palencia province of northern Spain, enabling it to start building works imminently.

The company has reached the milestone after obtaining construction financing from a consortium of third-party lenders, it said on Monday. The debt proceeds will help it build five utility-scale plants that are expected to generate more than 480 GWh of green electricity annually.

The banks participating in the lending consortium are Spain’s Banco Sabadell, Dutch Rabobank and ING.

The five projects that will benefit from the funding round will be run under a 10-year power purchase agreement (PPA) with an unnamed international technology company. Their combined output will be equal to the annual electricity consumption of over 150,000 homes.

Elmya and Greece’s Metlen Energy & Metals will act as engineering, procurement and construction (EPC) contractors and hardware will be supplied by Chinese solar panel manufacturer Longi Green Technology Energy Co.

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