Esparity Solar secures funding from Abarca Seguros

Esparity Solar has secured a surety bond facility from Abarca Seguros, the purpose of which is to comply with the bonding requirements of the Spanish grid connection process. The facility is expected to meet the funding needs of Esparity Solar’s current pipeline of projects.

Abarca Seguros is a company dedicated exclusively to Surety Bonds. Due to its specialisation, the company has positioned itself as a solvent and effective insurer within the sector. Abarca Seguros has a B+ rating from the A.M. BEST rating agency, allowing the company to issue bonds required by private entities and public authorities.

Fernando Morales, CEO of Abarca Seguros said: “The support we provide Esparity Solar will enable them to fulfil their target of developing 1GW of grid parity projects in Spain and Portugal”