Total Eren's affiliate in Portugal refinances 461-MW of wind, hydro

Portuguese renewable energy outfit Generg has refinanced a 461.4-MW portfolio of wind and hydropower assets in Portugal and raised an additional EUR-118-million (USD 126.1m) credit facility.

Generg is part of Portuguese independent power producer (IPP) Novenergia, an affiliate 100% owned by France’s Total Eren.

It was Total Eren that announced today that Portugal-based lender Banco Santander Totta took over Generg’s existing debt issued by other commercial banks, with the European Investment Bank (EIB) maintaining its position in the operation. Banco Santander Totta then provided a new credit facility, and will syndicate part of that loan to a group of Portuguese and Spanish banks.

With the latest borrowing, Generg’s total outstanding debt increased to EUR 258.2 million, Total Eren said.

Wind assets account for most of the refinanced portfolio, the Paris-based parent company added.

Novenergia has a strong presence in Portugal through Generg, which operates its wind and solar farms and small hydroelectric plants. The IPP also has operating power plants and/or projects in France, Italy, Poland and Bulgaria.

(EUR 1.0 = USD 1.069)

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