Spanish renewables developer Matrix Renewables has obtained €47m ($50.4m) in non-recourse project financing from Banco Sabadell to support a 50MW solar plant in Seville, Spain.

Banco Sabadell was the sole loan coordinator for the project.

The funds will be used for the construction of the solar plant in the municipality of La Rinconada.

Construction on the project started in May of this year. Roughly 250 full-time jobs are expected to be created during this phase.

Scheduled to be operational in the first quarter of next year, the solar plant will generate enough clean energy to power nearly 29,500 homes annually. It will also help offset more than 34,900 tonnes of emissions every year.

Matrix Renewables chief financial officer Nicolas Navas said: “This is yet another important step for Matrix Renewables in consolidating its strong pipeline and portfolio across Europe.

“We feel very proud to add this project to the existing €1.4bn we have financed since our inception in September 2020.”

Banco Sabadell project finance energy head Roger Font said: “Matrix Renewables is a key partner for Banco Sabadell given its extensive experience in the sector and, as such, this operation is part of the bank’s strategy of collaborating with specialist companies that can provide differential value to its customers.

“It also allows the bank to progress in its aim of promoting the use of renewable energy by providing financing support, reinforcing Banco Sabadell’s commitment to sustainability and energy efficiency and aligning with its goal of achieving a more efficient and responsible economy.”

Last month, the company acquired a controlling interest in the Pleasant Valley solar plant in Ada County, Idaho, US, from rPlus Energies.

The power generated from the 200MW solar project will be transmitted to the Idaho Power grid and support Facebook parent Meta’s new data centre in Kuna, Idaho.