Nexwell Power Reaches €37 Million Financing Agreement with Rabobank to Construct 46 MW of Solar Power Plants in Andalusia and Extremadura

The plants, which will be located in the provinces of Seville, Badajoz, Jaén and Huelva, will have a capacity of 46 MW, producing clean energy and reducing CO2 emissions by more than 38,000 tons per year.

Madrid, September 12th, 2023. Nexwell Power, a platform company for the construction, financing, and operation of photovoltaic plants of the Nexwell Group, has announced the signing of a financing agreement with Coöperatieve Rabobank U.A. for a total amount of €37 million. The facility is for the construction of seven new plants located in Andalusia and Extremadura, which are expected to start delivering power in 2024. These plants will have a total capacity of 46 MW and supply 95,000 MWh of electricity per year, enough to satisfy the consumption of 27,000 households.

More specifically, two of these photovoltaic projects will be located in the municipality of Carmona (13 MW of installed capacity), two in Badajoz (13 MW), one in Mérida (7 MW), one in Baños de la Encina (7 MW) and another in Palma del Condado (6 MW). The plants, which will avoid the emission of more than 38,000 tons of CO₂ per year, will create more than 100 jobs in the different locations during the peak of their construction period.

The financing agreed with Rabobank includes loan facilities to cover project costs and their associated VAT, letters of credit for the purchase of equipment and interest rate hedges.

Since its launch in 2020, Nexwell Power has built and financed photovoltaic projects with a total capacity of more than 250 MW, making the Company one of the main promoters of the photovoltaic business in Spain.

Nexwell Power's Chief Commercial Officer, Miguel Muñoz, stated, “The financing agreement with Rabobank represents a further endorsement from the financial sector of Nexwell Power’s growth strategy, which will allow us to continue to effectively deploy capital to grow installed photovoltaic capacity, in line with our firm commitment to decarbonizing the planet. Rabobank is strongly committed to the energy transition and we plan to build on this strong partnership to deploy more MWs in the near future.”

“Rabobank Project Finance congratulates Nexwell Power on reaching financial close for the 46 MW projects and is pleased to contribute to Spain’s decarbonization goals. This transaction also represents a kick-off in our collaboration and relationship with Nexwell Power, a leading player in the Spanish renewable energy market.” said Marc Schmitz, Managing Director Rabobank Project Finance Europe.

Continuing the commitments made in its previous projects, Nexwell Power will implement community-focused social and environmental actions in order to further enhance the positive impact of its activity, such as the 12.54 kWp solar panels that Nexwell Power paid for and installed at a training center for unemployed people in Badajoz, where 15 people who are participating in a PV training course, also financed by Nexwell Power, are taught directly on a real self-consumption installation.