• This is the largest energy self-consumption project carried out in Spain using project finance
  • The Institution’s investment, carried out through Sinia Renovables, includes the acquisition of a 40% equity stake in the project
  • The Conecta2 Energía business group holds the remaining 51%
  • This initiative will enable the automotive manufacturer to self-supply approximately 11% of its total electricity consumption

2 August 2024

Banco Sabadell, through its subsidiary Sinia Renovables, will finance the construction and operation of the largest self-consumption project carried out in Spain through a loan structured under a project finance model, intended for renewable energies. This ambitious plan, promoted jointly with the Conecta2 Energía business group, consists of the installation of photovoltaic panels in SEAT’s manufacturing plants located in Catalonia. The solar arrays will produce a total of 26.46 MWp (Megawatt-peak), the maximum power output that can be generated under optimal solar conditions. The specialist company involved in the initiative is Greening, which will be in charge of the construction of the solar parks.

In addition to providing tailored financing, Sinia Renovables, the renewable energy and sustainability equity investment division of Banco Sabadell, has acquired a 49% equity stake in the project, thus becoming directly involved as a partner.

The remaining 51% is held by the Conecta2 Energía business group. This company, specialised in integral photovoltaic self-consumption services and energy marketing with a view to optimising overall energy costs, acts as a sponsor of the project. In terms of photovoltaic development, after the SEAT project, Conecta2 Energía will have 30 MWp in operation and an additional 20 MWp in Ready to Build, as well as a portfolio of 40 MWp to be developed in the future.

Thanks to the production of these photovoltaic panels, SEAT will be able to self-supply approximately 11% of the total electricity consumption of its facilities, thus reinforcing its commitment to sustainability and energy efficiency.

For Xavier Comerma, Deputy General Manager of Banco Sabadell and its Regional Director for Catalonia,“the financing structure that we have designed, together with our direct investment in the project’s equity, underscores our commitment and willingness to get involved in transformational initiatives. Furthermore, the collaboration with Conecta2 Energía and Greening is a clear example of how we in the financial sector can play a crucial role in the development of innovative and sustainable energy solutions”.

Sabadell’s Commitment to Sustainability

Banco Sabadell has more than 25 years’ experience of investing in and financing renewable energy projects. Since its pioneering foray into renewable energy project finance in 1992, the Bank has been a market leader. Since 2018, it has financed close to 200 operations in this field and through its subsidiary, Sinia Renovables, the Group continues to invest in renewable energy and sustainability projects, exploring new technologies and offering comprehensive solutions that build trust and long-term commitment.

Banco Sabadell also has a sound and consolidated sustainability strategy, embodied in “Sabadell’s Commitment to Sustainability”, an ESG framework for action that contains more than 60 objectives. The Institution has also set a target of mobilising €65 billion in sustainable finance solutions over a five-year period, having already allocated more than €40 billion. Through the issuance of its own and customers’ sustainability bonds, it accumulated more than €12.1 billion by the end of 2023. In addition, in the past year, more than 45% of medium- and long-term financing for companies has been sustainable.