SPAIN: Solaer acquires 100 MW solar project, financing in the offing
Solaer has signed a binding agreement to acquire a ready-to-build PV project in Spain with a capacity of approximately 100 MW.
The transaction, forged on July 18 2025, involves the purchase of all project rights from an unnamed global infrastructure company. The project includes an option to integrate energy storage at a later stage.
The total acquisition cost is EUR 11m. This comprises an initial payment of EUR 2m made at signing, with the remaining EUR 3m to be paid in instalments by June 2026 or upon grid connection, whichever occurs first.
An additional EUR 6m will be paid to reimburse the seller for infrastructure-related expenses already incurred.
Construction of the project has commenced following receipt of all necessary permits. Completion is expected by March 2026, with grid connection scheduled for June 2026.
Tel Aviv-listed Solaer is in advanced negotiations with an international EPC contractor to deliver the project. The EPC agreement is expected to include penalties for delays beyond the June 2026 grid connection deadline, the breaching of which is expected to incur additional grid costs.
Solaer estimates the total project cost – including acquisition, reimbursement, construction and connection – will amount to approximately EUR 62m.
Electricity generated during the first 10 years is expected to be sold under a PPA which has been transferred from another Solaer project.
The company expects the offtake agreement to enhance project returns and improve financing terms with a local lender. Senior debt is expected to cover 70% to 75% of the total project cost.
The company anticipates a 40-year operational lifespan for the facility. For a representative year during this period, projected revenues are EUR 7.7m, EBITDA is EUR 6.4m and funds from operations (FFO) are EUR 4.6m. After accounting for the owner’s loan, Solaer’s effective share is expected to be EUR 6.5m in revenue, EUR 5.4m in EBITDA and EUR 3.9m in FFO.
Solaer recently financed its 30 MW Calasparra PV project in Spain, which is part of a circa 100 MW bundle in the process of being sold to InfraRed Capital Partners.
*This story was originally published exclusively for NPM Europe subscribers.
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