Audax Renovables SA sold two renewable energy projects in Spain with a combined capacity of 58.6 MW, according to a company news release.
The Spain-headquartered independent power producer sold the 57.6-MW Mudéfer wind farm in Tarragona and a 1-MW photovoltaic solar power plant in Castellón to an unnamed buyer.
The sale, the company said, helps to reduce more than €100 million in debt. Also, Audex amortized €21 million related to its first bond issued in 2014. The company targets a net financial debt/EBITDA ratio of 1.5x by the end of 2022.
Audax said it has made progress in developing 320 MW in solar projects it recently acquired, of which 59 MW are in an advanced stage, ready for construction. The company signed an agreement with Banc Sabadell to finance the projects.