Spanish-based Andaltia Group has plans to invest in a photovoltaic (PV) solar project located in the municipality of Lorca, Murcia, southern Spain. The total capacity of this solar facility will reach about 333 MW.
The total project cost, which is expected to be approximately €400 million (US$450 million), has seen a significant decrease from the initial estimate due to the decrease of solar equipment prices. The planned private investment is the largest to be carried out in Murcia.
The project is expected to reach financial closure by the end of 2017, while construction works are scheduled to begin by 2018. The new photovoltaic solar facility is expected to be operational by 2020.
In 2013 the solar facility was classified as a Strategic Project by the Murcia regional government. It will not received a feed-in-tariff (FiT) since it will sell the power generated at market prices.