Renewable energy provider Elawan Energy has closed a €250 million ( US$254.92 million ) debt financing for a 440-megawatt portfolio of nine photovoltaic plants currently under development in the Castilla-La Mancha region of Spain.

This is the largest financing that Elawan has signed to date.

Santander, BBVA, MUFG, Sabadell and Intesa San Paolo acted as lenders, and were advised by Clifford Chance. Watson Farley & Williams advised Elawan on the deal.

The Escuderos, Belinchon and Torrijos projects, which comprise the nine plants, are currently under construction in Cuenca and Toledo provinces and expected to be operational by end-2022 or early 2023.

The nine plants will have a total installed capacity of 440MW, with an estimated annual production of 887 gigawatt-hours of clean energy. They will have 800,000 solar panels in total, with state-of-the-art technology for maximum energy efficiency.

Present in 14 countries worldwide and part of the Orix Group, Madrid-based Elawan is involved across the entire life cycle of clean energy projects, from the promotion, development and construction of wind farms, photovoltaic plants and hydroelectric power plants to their operation, maintenance and sale of the clean energy generated.