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Thursday, 19 December 2024

pv

Santander and BP will develop the EU's largest solar PV investment project

Banco Santander and BP Solar have inked an agreement to develop Europe's largest solar PV investment project with the construction of 278 facilities with shares from individual investors. The project amounts to 168 million euros. The bank will finance the projects and BP will handle the permits, licenses, panel construction, installation, maintenance and other technical issues. Every facility will have a capacity between 18 and 25 MW and its construction will start in May and is expected to be completed by December 2007.

In total, 278 facilities will be built, ranging between 90 and 100 kilowatts each, and distributed in 10 -15 locations in various Spanish regions, which will be owned by a society shared by individual investors.

"It is Europe's largest solar PV project" said Mr Marcos Sebares, Santander Investment Director, to Europa Press.

The project will be financed by individual investors, notably clients of the bank, which "will enjoy an attractive profit of 10% per year" explained Mr Sebares, who added that shares are "practically sold out".

Quantitatively, this project will mean a considerable increase in the solar capacity installed in Spain (which is currently a mere 37 MW). The goal set by the government in the 2010 renewable energy plan is to reach 400 MW at the end of the present decade.

The facilities planned by BP and Santander will avoid the emission of 37,500 tonnes of CO2 into the atmosphere.

For additional information:
www.bp.com
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