Bruc bags EUR-474m refinancing for Spanish solar, battery portfolio
- Özcan Berk Atakan
- 4 days ago
- 2 min read
Bruc, a Spain-based renewable energy investment platform, has successfully closed a EUR 474 million refinancing for its operational solar photovoltaic assets and upcoming battery energy storage projects across Spain. The transaction highlights the growing financial and strategic importance of hybrid solar-plus-storage portfolios in Southern Europe.
The refinancing covers 858 MW of operational solar PV capacity located across Andalusia, Aragon and Extremadura, three of Spain’s most active regions for utility-scale solar development. The assets are held through a joint vehicle owned 51% by Bruc and 49% by Swiss investment firm Interogo Holding.
The facility has been classified as green financing, confirming alignment with sustainability-linked lending standards and ESG investment criteria increasingly demanded by European lenders and institutional investors.
Financing Structure and Lenders
The transaction was supported by a strong international banking group, including:
Banco Santander
Banco Sabadell
BNP Asset Management
Export Development Canada
Banco Cooperativo
Financial advisory services were provided by Santander and Astris Finance.
A key feature of the refinancing is the inclusion of an accordion facility, allowing the debt package to be expanded in the future. This mechanism enables Bruc to raise additional capital to support up to 650 MW of co-located battery energy storage systems (BESS) alongside its existing solar assets, subject to predefined conditions.
Strategic Implications
This refinancing goes beyond balance-sheet optimisation. It reflects a broader strategic shift toward solar-plus-storage hybridisation, which is rapidly becoming a standard configuration for large-scale renewable assets in Spain.
By integrating BESS into its solar portfolio, Bruc aims to:
Enhance grid flexibility and dispatchability
Improve revenue stability amid increasing power price volatility
Strengthen long-term asset value and bankability
As Spain accelerates renewable penetration, storage is emerging as a critical enabler for grid stability and market integration of variable generation.
Market Context
Bruc has demonstrated consistent access to large-scale green financing. In 2025, the company also secured a EUR 650 million green loan to refinance corporate debt and support the expansion of its Spanish renewables pipeline. The latest refinancing further reinforces investor confidence in both Bruc’s asset quality and Spain’s renewable energy fundamentals.
Conclusion
The EUR 474 million refinancing underscores a clear market signal: utility-scale solar portfolios in Europe are increasingly being valued and financed together with battery storage. Bruc’s approach reflects the direction of travel for the sector, where flexibility, resilience and hybrid asset structures are becoming central to long-term investment strategies.
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