Elawan Energy secures €760 million financing for 1.3GW hybrid renewables portfolio in Spain
Type: Financing · Technology: Hybrid · Country: Spain · Announced: 2026-07-10
Spanish renewables developer Elawan Energy closed a €760 million ($868 million) non-recourse project financing facility for Project Himalaya, a 1.3GW hybrid portfolio combining solar PV, wind, and battery energy storage systems (BESS) in Spain. The financing covers 1GW of operational assets and 300MW of greenfield projects under construction, with solar PV accounting for 989MW, BESS for 285MW, and wind for 74MW. Located across Castile and León, Castilla-La Mancha, and Aragon, the portfolio is largely contracted under long-term power purchase agreements (PPAs). The transaction includes a 2GW accordion tranche to accommodate future assets from Elawan's development pipeline. Banco Santander acted as mandated lead arranger and underwriter, while Banco Sabadell served as mandated lead arranger, providing a stable financial base amid volatile power prices.
Counterparties
- Banco Sabadell (Lender)
- Banco Santander (Lender)
- Elawan Energy (Borrower)