Greenalia has obtained a loan of EUR84 million (US$93.2 million) for the financing of five wind farms with an installed capacity of 74.22 MW in Spain.
The installations are included in the Eolo project that Greenalia develops in Galicia and will be fully operational in 2020. Four of them are located in the province of A Coruña and one in Lugo.
The operation has been structured through the project finance facility with a senior and a junior tranche -mezzanine-. Banco Sabadell acted as the agent and coordinator in the senior tranche that reaches a value of EUR61 million (US$67.7 million). The subordinate tranche -mezzanine- has been signed for EUR22 million (US$24.4 million). Additionally, VAT and guarantee policies have been signed, as well as other instruments required in this type of financing.
In the financial closing, Watson Farley & Williams acted as legal advisor and Agere Energy & Infrastructure Partners as financial advisor.
In addition, as part of the capital structure, Greenalia has signed a bilateral loan with EPC provider (Elecnor S.A.), which will be involved in the Eolo project beyond the execution of the construction works.
Currently, Greenalia is already building the Miñón wind farm in the province of A Coruña and Ourol in Lugo, with an investment of EUR28 (US$31) and EUR26 million (US$29 million), respectively. The remaining installations covered by this financing are Alto de Croa I (7 MW), Alto de Croa II (10.4 MW) and Monte Tourado (10.4 MW).
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