O&M, Solar

Bank of Scotland Finances 8-MW Solar Project

The energy and environmental finance team at the Bank of Scotland Corporate announced that it has completed a deal worth EUR 63 million [US $89.79 million] with Santander Investment for the construction and operation of an 8-megawatt (MW) solar farm in Toledo, Spain.

BP Solar will be in charge of the engineering, procurement and construction of the solar power plant as well as its operation and maintenance. The solar photovoltaic (PV) project is being built under a framework agreement between Santander Investment and BP Solar, which has already seen them construct 11 projects to date. Bank of Scotland will act as sole mandated lead arranger on the transaction.

“We are delighted to be undertaking a senior role in a solar renewable financing in Spain with a first class player in BP Solar. Having completed five PV deals over the past six months, Bank of Scotland is now well placed to take advantage of the increasing number of renewable financing opportunities within the European solar market,” said Ed Wilson, head of energy and environmental finance at Bank of Scotland Corporate.