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ENGIE teams up to develop 300 MW of wind capacity in Spain

ENGIE SA announced it will participate in the development of nine subsidy-free wind farms as energy manager, long term purchaser, constructor and shareholder in the province of Zaragoza, Spain.

With a total combined capacity of roughly 300 MW, the new wind complex, called the Goya Project, represents a projected investment of €300 million. The European Investment Bank loaned €50 million under the framework of the "Juncker plan," a plan by the European Commission to encourage investment across the member countries of the European Union. Renewable energy projects are a common type of investment.

The wind energy capacity was secured at the first Spanish renewable generation auction in 2016. ENGIE owns a 15% share in the projects and has signed a 12-year power purchase agreement — the first for wind energy facilities under development in Spain, it said. Mirova, a Paris-headquartered investment manager that is part of global investment manager Natixis holds a 51% interest in the wind projects, General Electric Co. has a 25% share and Spanish renewable energy developer Forestalia Renovables SL owns 9%.

ENGIE formed a joint venture to conduct civil works at the wind energy site. Acciona SA's Acciona Industrial and Copsa each own 25% in the joint venture, while ENGIE holds a 50% stake.

As of Dec. 31, 2017, ENGIE had roughly 4,800 MW of wind energy under its name, including 3,400 MW in Europe and 1,300 MW under construction worldwide.