FRV to Build its New 123MW Carmonita Norte PV Cluster in Extremadura and will be Financed by MUFG, ING, and Santander CIB


Fotowatio Renewable Ventures, part of Abdul Latif Jameel Energy, a world leader in the development of sustainable energy solutions, has reached a financial close on the Carmonita Norte solar PV cluster in Extremadura. With a capacity of 123 MWdc, the Carmonita Norte cluster will be the first of the three clusters that the Carmonita node will host, to be followed by the Carmonita Sur and Carmonita Ministerio clusters, each one also formed by three independent projects, bringing the Carmonita node to a total capacity of around 763 MWdc. For its construction, FRV has reached a financing agreement under the Project Finance modality with MUFG, ING, and Santander Corporate & Investment Banking (CIB) for a total amount of 80.9 million euros.


Once the plants are operational, the project’s revenues will be guaranteed by a long-term Power Purchase Agreement or PPA. Covering an area of 356 hectares, the Carmonita Norte cluster will produce around 260-gigawatt hours (GWh) of clean energy per year, which is enough to supply around 93,600 Spanish homes and avoid the emission of 193,000 tons of carbon dioxide (CO2). All the projects developed by FRV have the Green Financing Framework qualification, which includes green bonds, project finance, green loans, and any other financial tool applicable to projects, assets, or groups of them.

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It is estimated that this first plant of the Carmonita complex will be fully operational by the end of 2023, which will contribute to the Long Term Decarbonization Strategy (LTS) promoted by the Spanish Government, which sets the path to achieving Greenhouse Gas (GHG) emissions neutrality in Spain by 2050.


Managing director of FRV Iberia, Fernando Salinas commented, “The financial closing of the Carmonita Norte cluster is great news for FRV, which continues to expand its clean energy portfolio in Spain and, thus, consolidating its role as a leading renewable energy company, as well as for Extremadura, which has unbeatable conditions to host projects that allow clean energy to continue growing, with the positive impact that this has both environmentally and on the local community, generating wealth and employment in the region.”

Fady Jameel, Deputy Chairman and Vice Chairman of Abdul Latif Jameel was elated and stated, “Abdul Latif Jameel Energy’s FRV has made impressive progress in expanding its portfolio of renewable energy projects, not only in Spain but around the world. This expansion is also a testament to our commitment to delivering clean energy solutions in key global markets. We are proud to have the opportunity to bring clean energy to Extremadura while supporting Spain’s broader decarbonization strategy.”

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Stephen Jennings, Head of Energy of MUFG stated that with the financing of Carmonita Norte cluster, MUFG Bank, Ltd. reinforces its commitment to the financing of renewable energy projects in Spain helping the country to progressively reduce its carbon emissions and achieve its net zero targets by 2050. Congratulations to FRV and all the parties involved for playing a crucial role in the transition towards a low-carbon economy in Spain.

General Manager of Corporate and Investment Banking at ING, Mr. Alfonso Tolcheff said, “This operation is another step in ING’s sustainable strategy, focused on aligning our loan portfolio with our objectives of keeping the global temperature below 1.5ºC. We are proud to provide financing to companies like FRV that promote a positive impact on the environment and participate in the promotion of projects such as Carmonita Norte to promote green transformation and the use of clean energy in Spain.”

“Santander CIB reinforces its leadership positioning in the renewables sector worldwide and in Spain by supporting FRV in the development of new green energy solutions to accelerate the ESG transition. Congratulation FRV and everyone involved in the execution of this project”, stated Benoit Felix, Global Head Structured Finance Santander CIB.

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Commitment to renewable energy in Extremadura

The Carmonita Norte 123 MWp photovoltaic cluster is FRV’s fourth project in Extremadura. The company also holds La Solanilla 50 MWp and the three projects of the San Serván 220 cluster with a total of 138 MWp in operation, as well as the San Serván 400 cluster with a total of 150 MWp under construction, reaching a total of 461 MWp executed, which added to the solar projects currently under development make a total of 1.1 GW projected in the region.

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