January 10 (Renewables Now) - Spanish energy group Greenalia SA (BME:GRN) is to get a loan of up to EUR 156 million (USD 179.97m) for 185 MW of wind projects at home under an agreement with Banco Santander SA (MCE:SAN).
The loan is for the Eolo Project, comprised of eight wind farms in the autonomous community of Galicia, Greenalia said on Wednesday. Under an agreement formalised on December 10, 2018, Santander will act as the mandated lead arranger, bookrunner and underwriter, as well as Green Loan Global Coordinator.
The loan is an important step towards financial close of the wind project. It is subject to the satisfactory results of due diligence processes, the signing of all the necessary legal documentation and a power purchase agreement (PPA), among other conditions.
Greenalia estimates that, with its traditional business and the entry into operation of the 50-MW biomass plant in Curtis-Teixeiro and the Eolo Project, it will reach earnings before interest, tax, depreciation and amortisation (EBITDA) of EUR 41 million in 2020.
(EUR 1 = USD 1.15)