2 July 2025, Hanover, Germany - NORD/LB has today announced ca. €110m in financing across separate transactions for the development of three Spanish solar PV farms currently being constructed by Capital Dynamics.
The three facilities are located in the Aragón region and will feature over 250,000 ground-mounted solar panels providing clean, sustainable energy for almost 30,000 households:
- Project 1: 54.89MW, 88,500 modules, 10,651 households
- Project 2: 54.78MW, 87,600 modules, 10,534 households
- Project 3: 50MW, 80,600 modules, 8,794 households
Dario Bertagna, Senior Managing Director and Co-Head of Clean Energy commented: “We are pleased to partner with NORD/LB on this significant financing, which will support the construction and operation of the solar projects. These projects are a testament to our commitment to accelerating the clean energy transition and delivering long-term, sustainable value to our investors and local communities. Spain remains a key market for Capital Dynamics, and this financing is an important step in expanding our renewable energy footprint in the region."
“At NORD/LB, we’re committed to financing important renewable energy projects that drive forward Spain and Europe’s renewable energy transition,” said Heiko Ludwig, Global Head of Structured Finance at NORD/LB. “This deal is a prime example of that, and we’re delighted to support Capital Dynamics on these critically important projects that will boost Spain’s solar capacity and help the country to hit its net-zero targets by 2050.”
Under its National Integrated Energy & Climate Plan (PNIEC), published in September 2024, Spain aims to increase its solar capacity to a total of 76GW by 2030. The solar farms are set to play a pivotal role in helping Spain to reach these ambitious solar and renewable energy targets more broadly.
Gomez-Acebo & Pombo Abogados, S.L.P. acted as NORD/LB’s legal advisor on the deal, while Capital Dynamics was advised by Watson Farley & Williams Spain, S.L.
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About NORD/LB:
NORD/LB Norddeutsche Landesbank is one of Germany's leading commercial banks, and a pioneer in renewable energy project finance since the 1990s, across more than 30 markets. As an institute under public law, it is part of the S-Finance Group. Its core business segments include corporate customers, special financing in the energy and infrastructure sectors, financing commercial real estate via Deutsche Hypo, capital market business, association business with the savings banks, and private and commercial customers including private banking. The bank is based in Hanover, Braunschweig, and Magdeburg and has branches in Oldenburg, Hamburg, Schwerin, Düsseldorf, and Munich. Outside Germany, NORD/LB is represented by a Pfandbrief bank (NORD/LB Covered Bond Bank) in Luxembourg and by branches in London, New York, and Singapore.
About Capital Dynamics
Capital Dynamics is an independent global asset management firm focusing on private assets, including private equity (primaries, secondaries and direct investments) and clean energy.
Established in 1988, the Firm has extensive knowledge and experience developing solutions tailored to meet the exacting needs of a diverse and global client base of institutional and private wealth investors. Capital Dynamics oversees more than USD 15 billion in assets under management and advisement[1], and employs approximately 150 professionals globally across 14 offices in Europe, North America, and Asia.
Capital Dynamics is a recognized industry leader in responsible investment, receiving top marks (Five Stars) from PRI across all categories and investment strategies, as well as in GRESB benchmarking for its clean energy strategy.
For more information, please visit: www.capdyn.com
[1]As of March 31, 2025. Assets under Management are calculated based on the total commitments as of the final closing date for all funds currently managed by Capital Dynamics, including amounts that have been distributed. Assets under Advisement includes assets for which Capital Dynamics provides services such as reporting, monitoring and risk management.