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Bank of Scotland Completes Solar Farm Deal With Santander and BP Solar

Posted on: Friday, 12 September 2008, 12:00 CDT

The energy and environmental finance team at the Bank of Scotland Corporate has completed a deal worth E63 million with Santander Investment for the construction and operation of an 8MW solar farm in Toledo, south Spain, where BP Solar is in charge of the engineering, procurement and construction of the solar power plant as well as its operation and maintenance.

The solar photovoltaic (PV) project is being built under a framework agreement between Santander Investment, the equity arm of Grupo Santander, and BP Solar, which has already seen them construct 11 projects to date. Bank of Scotland is acting as sole mandated lead arranger on the transaction. BP Solar will be in charge of the operation and maintenance of the park guaranteeing a minimum energy production.

Ed Wilson, head of energy and environmental finance at Bank of Scotland Corporate, said: "We are delighted to be undertaking a senior role in a solar renewable financing in Spain with a first class player in BP Solar. Having completed five PV deals over the past six months, Bank of Scotland is now well placed to take advantage of the increasing number of renewable financing opportunities within the European solar market."

Source: Datamonitor

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