Ayora (Valencia)/2025-12-18 – Grenergy has closed financing for its Ayora photovoltaic project, a 172 MW utility-scale solar plant in the Valencia region. The operation, arranged with Banco Santander, comprises a financing package of approximately €98.8 million (reported broadly as €99 million), which includes €13.6 million of credit lines and is structured as senior non-recourse debt.
The Ayora installation is reportedly already built and is currently going through commissioning. The asset benefits from a 15-year power purchase agreement (PPA), providing revenue certainty that improves the project’s bankability. The financial close will enable full commercial operation and the optimization of long-term asset management.
Key specifications and metrics
- Installed capacity: 172 MW (utility-scale PV at Ayora, Valencia).
- Financing: ~€98.8M package (publicly rounded to €99M) including €13.6M of credit lines; senior non-recourse debt arranged with Banco Santander.
- Offtake: 15-year PPA in place.
- Status: constructed; commissioning underway.
Energy and environmental impact
Assuming typical capacity factors for the region, the plant should generate roughly 300 GWh per year. That corresponds to powering some 80,000–90,000 Spanish households (depending on average consumption) and avoiding on the order of 60,000–70,000 tonnes of CO2 annually compared with conventional grid generation—concrete contributions to regional decarbonization.
Financial efficiency and competitiveness
The financing level — circa €99M for 172 MW — implies an indicative capital intensity near €575–580 per kW installed. This figure underscores the competitiveness of large-scale PV projects in Spain today and explains continued lender appetite for non-recourse structures when combined with long-term PPAs and proven construction readiness.
Strategic context
The deal strengthens Grenergy’s strategy to consolidate utility-scale renewable assets with contracted revenues in Spain and Europe. For lenders, the transaction reaffirms that ready-to-operate PV plants with long-term offtake contracts remain attractive, predictable collateral for structured lending.
Conclusion
Grenergy’s financing close for Ayora highlights market maturity: large, PPA-backed solar projects can reach financial close at competitive economics, accelerating renewable capacity additions. Beyond the headline €99 million, the tangible outcome will be ~300 GWh/year of clean energy, meaningful CO2 avoidance, and an asset profile that balances sustainability with long-term investment returns.
