Banco Sabadell has announced that it has reached an agreement with Norvento, a Spanish renewable energy company, to sign a loan to finance the construction and development of its new wind farms in Galicia, a region in the north-west of Spain.
The financing will support a total of six wind farms located in seven Galician municipalities. Norvento was awarded the projects in a renewable energy auction held in May 2017 at the initiative of the central government, with a total generation capacity of 128 MW.
The loan signed with Banco Sabadell will represent an important part of the total investment estimated by Norvento for the construction of the parks, which together will be more than EUR150 million (US$170.7 million).
In the operation of this syndicated loan Banco Sabadell has acted as bookrunner, coordinator and agent bank. With this loan, all the external financing needs that the projects require will be covered.
With this operation, Norvento ensures compliance with the deadlines for the start-up of the wind farms, which according to the legal bases of the auction must be in operation before the end of 2019.
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