RIC Energy, a Madrid-based renewable energy developer, has completed the first financial close in Spain for its Bluesol 1 and Bluesol 2 photovoltaic plants in Almodóvar del Campo. The two plants had a combined capacity of over 60 MW and were the company’s first in Spain as it moved toward an IPP model. The financing of €29.5 million was secured with Alameda Energy Fund, managed by Beka Credit. The transaction showed that the project structure relied on project viability without shareholder guarantees. RIC Energy’s Development, Finance, and Legal teams worked with external advisors to meet due-diligence requirements and obtain committee approval.