Iberdrola's Eu217 million financing of a 199MW windfarm portfolio in Murcia has set a new benchmark for ever tightening margins on Spanish wind deals.
The project company, Energias Renovables de la Region de Murcia (ERRM), is 50%-owned by Iberdrola, Spain's second largest energy utility, with a 50% equity stake accruing to mainly local groups from the Murcia region in south-east Spain. These groups are: Caja Murcia, Inversiones y Proyectos 3, Grupo Fuertes, Energia Hidroelectrica de Navarra and Instituto de Fomento de Murcia.
The farms are part of a concession from Murcia's regional government. The portfolio will eventually consist of 10 windfarms, three of which are already operational with a further seven to be built between now and 2008. Current operational capacity is 42MW – the plan being to increase this to 139MW by the end of 2006 and 199MW by the end of 2008.
The debt portion of the financing...
Take a free website trial to read this article. It’s easy to get a trial – just follow this link or email info@projectfinancemagazine.com.
Or, if you’re a subscriber or have an active trial, simply log in below to read the article.
Subscribe
Subscribers have unlimited access to all current and archive content. Start your
subscription today - click on the button below.
Subscribe
Free trial
Taking a free trial will give you access to the latest news and analysis, as
well as the online deals database, BenchBase. Start your free trial today.
Free Trial