Greenalia agrees EUR-60m EIB loan for biomass project in Spain

Spanish forestry and energy group Greenalia SA (BME:GRN) said today it will receive a senior loan of up to EUR 60 million (USD 74m) from the European Investment Bank (EIB) for a 50-MW biomass power project.

Greenalia Biomass Power Curtis-Teixeiro SL plans to build the particular facility in the town of Curtis, A Coruna province’s Teixeiro commune, in Spain’s Galician region.

The company said that securing the EIB loan is an important step towards achieving financial close for the project. For this reason, Greenalia’s board has decided to decline an offer from Spanish pulp mills operator Ence Energia y Celulosa SA (BME:ENC) to purchase the rights to the project, it added.

The board has also agreed to consider eventual future divestment offers affecting any of the business lines or specific projects, according to the announcement.

(EUR 1.0 = USD 1.240)

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