October 30 (Renewables Now) - Spanish bank Banco Sabadell announced today it has agreed to help finance local wind turbine manufacturer Norvento's 128 MW of wind projects in the autonomous community of Galicia.
A specific amount was not disclosed, but the bank said it will provide a considerable portion of the more than EUR 150 million (USD 170.56m) needed for the six wind farms to become reality. With the syndicated loan, the projects' external financing needs will be met, the bank added.
Planned for seven Galician municipalities, these projects were awarded to Norvento in an auction held in May 2017 and must be fully operational before the end of 2019.
Currently, Norvento has a total of 750 MW in operation, construction and development, both in Spain and in other markets.
(EUR 1 = USD 1.14)