Project Solaris involves the design, construction, financing and operation of a 20 MW photovoltaic power facility at El Bonillo, Albacete Provinces, in the La Mancha Region in south-east Spain.
The Solaris Project is divided into 200 legally separate SPVs comprising 100 KW each. Each SPV will be purchased by an investor. The purpose of this complexity is to meet Spanish solar power subsidy requirements which maximise revenues of the smaller eco-friendly producer.
All common infrastructure such as the transmission and grid connections as well as site security and surveillance will be directly owned and operated by Abastecimientos Energeticos, S.L.U. (“Abaste”) via an SPV (“Abaste SPV”).
Under Spanish legislation, there will be a firm off-take obligation for the electricity produced for 25 years. The project will therefore not be exposed to direct market risk, but only to the deviation of the reference price which will be announced for each year. The hybrid private wealth management and capital market financing was arranged by Deutsche Bank and totals approximately EURO 220 million.
Operis was appointed by Deutsche Bank to provide financial model due diligence for this project.