March 29 (Renewables Now) - Spanish company Ence Energia y Celulosa SA (BME:ENC) announced today it has closed financing for the acquisition of 90% in a 50-MW solar thermal power plant located in the Iberian country.
More specifically, Ence has secured EUR 110 million (EUR 123.5m) for the Termollano facility in Puertollano city, Ciudad Real province. Local lenders Banco Santander SA (BME:SAN), BNP Paribas SA (EPA:BNP), Bankia and Bankinter took part in the financing.
According to a previous statement, Ence paid a total of EUR 139.8 million to Iberdrola SA (BME:IBE) for the majority stake.
With this new plant, the company is diversifying its renewable energy portfolio, which mainly consists of biomass power. Termollano is expected to contribute EUR 18 million annually to earnings before interest, tax, depreciation and amortisation (EBITDA).
(EUR 1 = USD 1.12)