Acciona gets long-term solar financing

Acciona Energy said today that it closed $266 million in long-term financing for its 64-megawatt Nevada Solar One project.

The company said the project will be the largest solar power plant built in the world in 16 years (see Biggest solar thermal plant in 16 years connects to Nevada grid).

Acciona Energy is a division of Acciona (MCE: ANA.MC), one of Spain's largest construction contractors.

The project will be a concentrated solar power plant.

"CSP is one of the most exciting new renewable technologies to be commercialized and we see significant demand for this renewable solution," said Peter Duprey, CEO of Acciona Energy North America.

The company said its solar thermal system closely tracks power use, providing peak power when the demand is at its greatest.

The leveraged lease was financed by debt participants Banco Santander and BBVA, headquartered in Spain, and Portugal's CAIXA Geral de Depositos.

Santander, BBVA and CAIXA are the Mandated Lead Arrangers for the debt financing of the construction and term loan.

The lease was also funded by equity investors JPMorgan Capital, Northern Trust and Wells Fargo.

Capstar Partners and JP Morgan Capital co-led the equity syndication.

All of the plant's electricity production will be sold to Nevada Power and Sierra Pacific Power under long-term power purchase agreements.

Acciona expects to mark the official dedication ceremony for the Nevada Solar One plant in fall 2007.

The company said it is helping to develop several additional solar plants in Spain while formulating plans for more plants in the U.S.