Fotowatio Completes €45M Solar Funding

Fotowatio Renewable Ventures (FRV0 has secured funding to develop an 11-megawatt (MW) solar photovoltaic (PV) plant in the municipality of La Rioja, Spain, the company’s first photovoltaic project in Andalusia.

The financing was secured through a €45 million funding agreement with the German bank Landesbank Baden-Württemberg (LBBW).

FRV will own and operate the solar power plant and has contracted Würth Solar, a German PV module manufacturer and project developer, to construct, operate and maintain it. This 11-MW solar power plant is expected to generate 16 million kilowatt-hours (kWh) of emissions-free electricity annually.

“With the development and financing of this 11 MW solar project, FRV consolidates its position in Andalusia, one of the regions with the highest insolation levels in Europe. We also expand our network of engineering procurement contractors (EPCs) and financial providers working with Würth and Landesbank Baden Württemberg,” said Rafael Benjumea, CEO of FRV.

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