NORD/LB has provided approximately €110 million in financing through separate transactions to support the development of three solar photovoltaic (PV) farms in Spain, currently being constructed by Capital Dynamics. Located in the Aragón region, these projects will collectively feature over 250,000 ground-mounted solar panels and are expected to supply clean electricity to nearly 30,000 households. The three facilities include a 54.89 MW plant with 88,500 panels serving around 10,651 homes, a 54.78 MW plant with 87,600 panels for approximately 10,534 homes, and a 50 MW plant with 80,600 panels supplying power to about 8,794 homes.
These projects align with Spain’s National Integrated Energy and Climate Plan (PNIEC), released in September 2024, which aims to reach 76 GW of installed solar capacity by 2030. The solar farms will play a significant role in supporting this national target by contributing to the expansion of renewable energy infrastructure and reducing carbon emissions.
Dario Bertagna, Senior Managing Director and Co-Head of Clean Energy, said in a statement, “We are pleased to partner with NORD/LB on this significant financing, which will support the construction and operation of the solar projects. These projects are a testament to our commitment to accelerating the clean energy transition and delivering long-term, sustainable value to our investors and local communities. Spain remains a key market for Capital Dynamics, and this financing is an important step in expanding our renewable energy footprint in the region.”
Heiko Ludwig, Global Head of Structured Finance at NORD/LB, stated, “At NORD/LB, we’re committed to financing important renewable energy projects that drive forward Spain and Europe’s renewable energy transition. This deal is a prime example of that, and we’re delighted to support Capital Dynamics on these critically important projects that will boost Spain’s solar capacity and help the country to hit its net-zero targets by 2050.”
Legal support for the financing was provided by Gomez-Acebo & Pombo Abogados, S.L.P. on behalf of NORD/LB, while Capital Dynamics was advised by Watson Farley & Williams Spain, S.L. This financing highlights the increasing momentum behind sustainable energy investments in Europe and reinforces Spain’s commitment to achieving its long-term clean energy goals.
