Independent power producer Greenalia SA secured an €84 million loan to finance five wind farms totaling 74.22 MW in Spain.
The project finance facility comprises a €61 million senior and a €22 million junior tranche – mezzanine, Greenalia said Aug. 2. Banco Sabadell acted as agent and coordinator in the senior tranche.
The company hired Watson Farley & Williams as legal advisor and Agere Energy & Infrastructure Partners as financial adviser. Greenalia also signed a bilateral loan with engineering, procurement and construction provider Elecnor SA.
The wind farms are part of the Eolo project that Greenalia is developing in Galicia. The facilities will be fully operational in 2020.
Greenalia is already building the €28 million Miñón wind farm in the province of A Coruña and the €26 million Ourol wind farm in Lugo. Other installations covered by the financing include the 7-MW Alto de Croa I, the 10.4-MW Alto de Croa II and the 10.4-MW Monte Tourado.
The Eolo project also includes the 40.5-MW Campelo, 45-MW Bustelo and 18-MW Monte Toural wind farms. Financial closing for these wind farms is planned for the fourth quarter.
Greenalia said it may include an additional project as it aims to exceed 200 MW of installed wind power by the end of 2020. In total, the company targets an installed capacity of over 250 MW by the end of 2020, including 50 MW from the Curtis-Teixeiro biomass plant.