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Spain

Spain

Enel lands finance agreement for ten plant totalling 290 MW

Enel Union Fenosa Energías Renovables (EUFER) has landed a EUR 367 million project finance agreement supporting the construction of ten wind stations in Spain totalling 290 MW. The deal "covers part of its financing needs for 2008-2009," says EUFER. It is just shy of the EUR 395 million total the company needs to build the wind plant, which will be spread across the regions of Galicia, Castile and León, Castile-La Mancha and Andalucía. The finance is underwritten by Spanish banks La Caixa and BBVA, together with Italian bank MCC, the Spanish Official Credit Institute (ICO) and the European Investment Bank. Meanwhile, EUFER -- a 50-50 renewables joint venture between Italian utility Enel and Spain's Unión Fenosa -- confirms its plans for controlling ownership stakes in 1600 MW of wind capacity by 2011, doubling the current capacity it has online or under construction.

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