Platina invests €128m in Spanish solar plants

Development financing for two Andalucían photovoltaic plants brings to three the number of Spanish solar portfolio companies held by the renewable energy investments specialist. The debt financings were made from the firm's second fund dedicated to continental Europe.

Platina Partners has augmented its position in the Spanish solar market, having provided €128 million ($182 million) in debt financing for two projects in Andalucía.

The London- and Paris-based firm provided financing of €44.6 million for a 5.7-megawatt plant in Sevilla, which is expected to be completed in September 2008. It also provided €83.7 million for El Coronil II, an 11.4-megawatt plant that is part of the region’s largest solar plant spread across 22 hectares. It, too, is slated to finish construction in September.

Sevilla: Solar source

“These two investments underline our commitment to strengthening our presence in the solar energy sector across Europe,” Platina director Alexandre Labouret said in a statement.

He noted the firm is pleased it has assembled a Spanish portfolio of three plants in less than six months via subsidiary Anemoi, a Spanish wind and solar power investment company it set up in January 2007.

In April, the firm backed the construction of a new solar plant in Ocaña, Toledo. All three Spanish investments have been funded from the firm’s Mistral Energy II Fund, which closed on €30 million in January.

The fund makes early stage investments in continental European wind energy, wave energy, biofuel and geothermal projects and is twice the size of its €15 million predecessor.