Spain’s renewable energy market just recorded a major financing milestone that signals how solar and storage are evolving together. What happens when large-scale photovoltaic assets meet flexible battery storage under one smart financing structure? This deal provides a compelling answer. Below, we explore how a €556.72 million green loan is reshaping solar refinancing, accelerating battery integration, and setting a benchmark for scalable clean energy investments in Spain.

BRUC and Interogo Holding have successfully secured $556.72 million through a non-recourse green loan, aimed at refinancing a substantial 858 MW portfolio of operational solar plants. Spread across Andalusia, Aragon, and Extremadura, these photovoltaic assets are already producing power, but the refinancing goes beyond balance sheet optimization. Structured with support from major institutions including Banco Santander, Banco Sabadell, BNP Asset Management, Export Development Canada, and Banco Cooperativo, the transaction strengthens long-term financial stability while aligning with sustainable finance principles. By classifying the facility as a green loan, the sponsors reinforce their commitment to environmentally responsible capital deployment in Spain’s renewable energy sector.

What makes this refinancing particularly strategic is the inclusion of an accordion tranche dedicated to battery energy storage systems. This tranche enables up to 650 MW of future BESS financing, subject to predefined technical and commercial criteria. The structure supports co-located storage under hybrid power purchase agreements, allowing solar generation and batteries to operate as a single optimized asset. Such flexibility enhances revenue stacking, grid responsiveness, and long-term asset value. Astris Finance, acting as financial advisor, played a key role in shaping a structure that balances lender security with developer scalability.

The refinancing highlights a clear shift in renewable investment strategy: solar assets are no longer viewed as standalone generators. By preparing existing plants for battery hybridization, BRUC and Interogo can adapt to price volatility, manage curtailment, and improve dispatchability. For investors and developers, this model demonstrates how refinancing mature solar portfolios can unlock capital for storage without diluting ownership. The joint ownership structure, with Bruc Energy holding 51% and Interogo 49%, further underscores the appeal of shared-risk, future-proof clean energy platforms.

In summary, this transaction showcases how green loans, hybrid PPAs, and accordion tranches can work together to accelerate solar and battery integration. As Spain’s energy transition advances, such financing models are likely to become the norm.

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