Grenergy Renovables has signed a €175 million (US$190 million) green loan for the construction of a 300-megawatt portfolio of solar photovoltaic plants in Spain.

The lenders are Banco Santander, MUFG Bank and Natixis. They were advised by Watson Farley & Williams.

Grenergy Renovables is a global independent power producer that designs, develops and implements large-scale renewable energy projects.

According to WFW, the financing required a tailor-made legal and regulatory structure to ensure the successful ring-fencing of the projects involved.

In March, Grenergy inaugurated the 241MW Gran Teno solar plant in Chile. The company has already invested US$700 million in Chilean projects, and is currently working on the US$1.4 billion Oasis de Atacama solar-plus-storage project.