Wedoany.com Report-May 28, European renewable energy developer Solaria has entered into a preliminary agreement with Banco Sabadell, a Spanish financial services provider, to secure long-term financing for its 175MW Oliva solar project in Guadalajara, Spain. The financing, valued at up to €93.5 million ($106.2 million), awaits final approval following due diligence and review by the bank’s risk committee.

The project is closely associated with the construction of a data centre, designed to be self-sufficient in energy with a guaranteed 70MW capacity.

The funds will support the development of the Oliva solar project, which underscores Solaria’s commitment to sustainable energy solutions and digital infrastructure. The project is linked to the construction of a self-sufficient data center, designed to operate with a guaranteed 70MW capacity powered entirely by renewable energy.

Darío López, CEO of Solaria, stated: “We are very pleased to announce this agreement, which reflects Banco Sabadell’s reiterated confidence in our company. This financial operation represents a firm step towards the fulfilment of our goals and, consequently, towards the promotion of the energy transition, an essential aspect for the progress of society.” The initiative aligns with efforts to advance clean energy adoption and support societal development.

The Oliva solar project comprises five photovoltaic plants—Oliva Solar 1 (50MW), 2 (50MW), 3 (25MW), 4 (25MW), and 5 (25MW)—located in the Usanos district of Guadalajara. These plants will connect to the Daganzo substation and generate enough renewable energy to power approximately 84,000 households annually. Solaria secured the necessary construction permits for the project in May 2024.

This marks Solaria’s second solar initiative in Guadalajara, following the 626MW Cifuentes-Trillo project already operational in the region. The Oliva project is expected to create 700 jobs during its construction phase, with a focus on hiring local workers to support the regional economy.

In a related development, Solaria obtained construction authorization in January 2024 for its 595MW Garoña photovoltaic project elsewhere in Spain. The company continues to expand its renewable energy portfolio, contributing to Spain’s clean energy goals and sustainable development.