BayWa r.e. Secures €32.5 Million From NORD/LB For 54 MWp Solar Farm

BayWa r.e. has successfully secured €32.5 million from NORD/LB (Norddeutsche Landesbank) to finance the Alhendín solar park near Granada. NORD/LB, a long-standing financial partner of BayWa r.e., previously financed a 53 MWp solar park in Lazio, Italy.

The under construction solar farm is expected to achieve completion by the end of June 2023. It will also generate 98.6 GWh of renewable energy annually, equivalent to the electricity consumed by around 24,700 Spanish households, once it is connected to the grid by the end of the year.

This solar plant is part of the two long-term PPAs between BayWa r.e. and VELUX Group. Together, the facilities will help VELUX power 100 percent of its European operations using renewable energy by 2024.

Interestingly, around 10 percent of the Alhendín solar farm will include a 5.1 MWp Agri-PV installation to combine energy generation and agriculture on the same parcel of land. It makes the PPA between BayWa r.e. and VELUX the first European Agri-PV corporate PPA of its kind.

The Alhendín solar farm is a pioneering example of solar plant symbiosis that brings together solar energy production, the local community, and the natural environment for a shared benefit. The park’s development entails a comprehensive plan and a host of community and environmental measures to increase biodiversity and motivate local participation.

BayWa r.e. Has also joined forces with Universidad Autónoma de Madrid and Universidad de Córdoba to develop the community and responsibly use natural resources. Together, they will assess the area and implement proposed actions based on their findings. In particular, the initiatives include increasing tree and bush coverage and enveloping the fence with natural vegetation to improve the biodiversity of the project location.

Speaking about the development, Heiko Ludwig, Global Head of Structured Finance at NORD/LB, shared, “We are very pleased to support BayWa r.e., one of our long-standing clients in this innovative and outstanding project. For us this is another great opportunity to strengthen our cooperation with BayWa r.e. through financing a photovoltaic project, this time in Spain, and to demonstrate that we are a reliable partner thanks to our experience in financing renewable projects worldwide.”

The Managing Director of BayWa r.e. Projects España S.L.U., Rafael Esteban, added: “NORD/LB has been one of our strongest partners for years. We have therefore decided to rely on them for the financing of one of our most ambitious projects, not only in Spain, but also in Europe. The Alhendín solar park, with all its innovative and pioneering aspects, is yet another example that Spain has a lot to contribute to the global renewable energy market. That is why BayWa r.e. is unwavering in its commitment to continue contributing to the energy transition in Spain, and this agreement is essential to make further progress towards this goal.”