Abengoa, Itochu Raise $447 Million in Debt for Solar Plants
This article is for subscribers only.
Abengoa SA, the world’s largest developer of solar thermal plants, and Japanese partner Itochu Corp. obtained a 340 million-euro ($447 million) loan to build two of the renewable energy projects in southwestern Spain.
The companies will jointly develop the 50-megawatt plants at Logrosan with project finance from Sumitomo Mitsui Financial Group, HSBC Holdings Plc, Mizuho Financial Group Inc. and Bank of Tokyo-Mitsubishi UFJ, Abengoa said today in a statement. The project will cost the Spanish company and Osaka-based trading company Itochu about 500 million euros.