December 20 (Renewables Now) - French renewables developer Total Eren announced on Thursday the successful refinancing of a 162-MW solar and wind asset portfolio in Greece and confirmed it has won 14.4 MW of wind capacity in the country’s recent auction.
The Paris-based company has achieved a EUR-200-million (USD 229m) refinancing, with Eurobank Ergasias arranging and subscribing to EUR 130 million and Alpha Bank to EUR 70 million. Eurobank Ergasias also financed a EUR-1.9-million VAT facility.
Total Eren is using the newly secured long-term, non-recourse senior debt to prepay in full some EUR 110 million of existing debt in a portfolio of four wind projects totalling 127 MW and seven photovoltaic (PV) assets with a combined capacity of 35 MW. What is left of the proceeds will be spent on supporting Total Eren’s growth objectives, it said.
Earlier this month, Greece held energy auctions through which it awarded 159.65 MW of wind and 61.94 MW of small solar power capacity. Total Eren said today that its 14.4-MW Mandra wind project is one of the winners. According to documents released by the country’s Regulatory Authority for Energy (RAE), this particular project was awarded at a price of EUR 64.42 per MWh. The weighted average price in the auction amounted to EUR 66.66 per MWh, with bids ranging from a high of EUR 68.99/MWh to a low of EUR 63/MWh.
Total Eren now owns a total gross installed capacity of 290 MW, of which 260 MW of wind and solar plants are already operating and the rest refers to projects under construction. The company also has over 300 MW of projects in development.
(EUR 1.0 = USD 1.147)