Nexwell Power and Kommunalkredit finalize €52M project financing for an 89 MWp solar power plant in Spain
Nexwell Power announced the closing of a €52 million non-recourse debt financing arrangement with Kommunalkredit, an Austrian bank specializing in infrastructure and energy financing. The debt proceeds will be used to finance the construction of Nexwell Power’s 89MWp solar power plant in Ciudad Real, Spain.
The construction of the solar plant in Ciudad Real, which began in March 2021, is being led by Metka, the sustainable engineering solutions business unit of Greek industrial conglomerate Mytilineos. The plant is expected to be placed in service in Q4 of 2021 and will sell its electricity to Nexus Energía pursuant to a long-term power purchase contract.
“We are delighted to partner with like-minded institutions like Kommunalkredit and Metka who put sustainability and quality of people’s lives first, demonstrating the professionalism and integrity with which we operate, allowing us to deliver the highest standards of excellence in our projects” said Mr. Andreas Mustad, CEO of Nexwell Power. “I am very proud of the Nexwell Power team’s ability to execute and close this financing only a few weeks after our first plant reaching full commercial operation”. Renewable energy infrastructure is central to Nexwell Power’s core strategy to displace and reduce CO2 levels in a meaningful and measurable manner, while also delivering clean, reliable long-term energy to its customers and communities. Avoided CO2 emissions for the Manzanares project are projected to exceed 62,637 metric tons in the first full year of operation.
Uria Menendez acted as legal advisor and Astris Finance acted as financial advisor to Nexwell Power in the transaction.
* This press release has been prepared for the purpose of announcing to the public certain activities of Nexwell Power and the Nexwell Group, and not for the purpose of soliciting any investment. This press release does not constitute any offer or solicitation to purchase or subscribe any security, including but not limited to notes referenced herein, in any jurisdiction.
Nexwell Power, an institutional-grade platform of Nexwell Group, is a next generation IPP focused on developing and operating flexible renewable infrastructure assets to address customer needs.
The Nexwell Group is an investment group that focuses its human and financial capital on long-term sustainable initiatives that have a measurable impact on decarbonizing the planet. Nexwell understands that healthy investments are a result of nurturing one’s community, the environment, and the bottom line. The Group’s mission is to accelerate climate change solutions. Nexwell Power is the Group’s second investment platform.
