Madrid-based green energy group Bruc has signed a financing agreement with seven prominent entities, securing €600 million (~$633.8 million), which will be utilized in developing and operating an 8.5 GW portfolio of solar and wind power projects in Spain.

The projects will be in various regions of Spain, including Aragón, Andalusia, Extremadura, Castilla-La Mancha, and Castilla y León. Additionally, the company said it is actively involved in the development of renewable energy storage projects.

The entities participating in this corporate financing initiative include Santander, ING, Instituto de Crédito Oficial, BNP Paribas, and Intesa Sanpaolo, who have taken on roles as bookrunners and mandated lead arrangers (MLAs).

Schroders Capital and Infranity are participating as MLAs in the funding arrangement.

The financing deal, structured as “corporate sustainable financing,” has been shaped by a shared commitment to ESG principles, reflecting the increasing importance of environmental, social, and governance considerations.

Bruc’s journey towards becoming a key player in Spain’s renewable energy sector began when OPTrust and USS pension funds invested in the company’s capital in 2016 and 2021, respectively.

In June, Interogo Holding, through its infrastructure investment fund, Inter Infrastructure Capital, acquired a 49% stake in a 1,066 MW portfolio of operational and under-construction solar photovoltaic generation assets within the Bruc group.

Juan Béjar, President of Bruc, emphasized the urgency of accelerating the energy transition and stressed the importance of a stable regulatory environment and robust transportation infrastructure. He said these factors are essential to harness Spain’s natural resources, reduce reliance on primary energies, and offer competitive energy prices to industries and consumers.

In December 2022, Bruc acquired six new solar photovoltaic power projects with a cumulative capacity of 384 MW from independent renewable energy producer Opdenergy.