On Friday, Deutsche Bank, together with its Spanish partner ecoEnergías del Guandiana, will open the world’s largest solar park. The solar park “SPEX” near Mérida in Spain’s Extremadura will provide 30 megawatts of solar power and thus supply 16,000 households with climate-friendly energy. Deutsche Bank and ecoEnergías are the developers of the power plant, and construction work first began in mid-February of this year. SolarWorld AG is the industrial partner. Deutsche Bank handled the start-up financing and provided the entire equity capital of approximately EUR 38 million for the project company.
“This solar park is a sustainable investment in the future. For ten years now, we have been demonstrating that investments in renewable energies not only benefit the climate, but they also pay off for investors,” said Dr. Thomas Rüschen, Head of Deutsche Bank’s Asset Finance & Leasing. “In the renewable energies area, we have additional projects in planning with a combined power of over 900 megawatts,” he added.
The investment sum for the “SPEX” solar park, which covers an area of 192 football fields, amounted to around EUR 250 million. Deutsche Bank intends to place its equity share with interested investors through several tranches. Initial discussions have already taken place.
Thanks to its strong sunshine, the autonomous Spanish province Extremadura has established itself as a prime location for high-tech solar parks. The “SPEX” solar park comprises 1,875 dual-axle mobile module systems that follow the sun as it crosses the sky. The power utility company Endesa will pay 0.43 EUR/kWh for the electricity fed into the grid, which ensures the solar park’s high profitability.
“SPEX” is one of an entire series of sustainability investments made possible by Deutsche Bank. With similar financing solutions, the bank has already participated in more than 30 projects involving wind and solar energy. The total volume of investment in these projects comes to approximately EUR 900 million.
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