Spain's Greenalia gets financing for 74.2 MW of wind farms

Spain’s Greenalia SA (BME:GRN) has secured a EUR-84-million (USD 93.6m) loan to finance five onshore wind farm projects with a combined capacity of 74.22 MW in the Spanish region of Galicia.

The financing includes a senior tranche of EUR 61 million, coordinated by Banco Sabadell, and a mezzanine tranche of EUR 22 million. In addition, the company has signed a bilateral loan with Elecnor SA (BME:ENO), the engineering, procurement and construction (EPC) contractor for the Eolo project, whose involvement will go beyond the construction stage.

Of the five wind farms that will benefit from the financing, two are already under construction. Greenalia is building the 24-MW Minon park in the province of A Coruna and the 22.5-MW Ourol farm in Lugo. The remaining three are the 7-MW Alto de Croa I, the 10.4-MW Alto de Croa II and the 10.4- MW Monte Tourado projects.

Greenalia plans to reach financial close for three other projects of 103.5 MW in total in the fourth quarter of 2019 with an option to add more so it could surpass 200 MW of installed wind capacity by the end of 2020. With the Curtis-Teixeiro biomass plant of 50 MW, which will start operations in March 2020, the company stands to produce more than 1 GWh annually by next year’s end.

(EUR 1.0 = USD 1.11)

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