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Spain

Spain

Spanish bank Fibanc to set up renewables consortium

Wind power is justifying the decision by Spanish bank Fibanc to set up a renewable energies consortium in 2001. Pre-tax profits for the first three quarters of 2003 from Fersa Energías Renovables -- in which Fibanc holds a majority share (44.58%) -- were EUR 448,000, against a loss of EUR 17,000 for the same period in 2002. Fersa's EUR 685,000 turnover comes from its shares in three wind plants and one biogas plant, with EUR 485,000 of that provided by its 30% share in the 91 MW Altos Voltoya wind plant. The impressive returns bolster Fersa's attempts to muster a EUR 10 million capital base extension to EUR 14 million. The renewables company, based in Catalonia, has been trading on Barcelona's secondary stock exchange since March 2003 and will enter the mainstream financial market in 2005 if it reaches its target capital base of EUR 60 million. Fersa says it is the driving force behind a further seven wind projects at a mature state of development totalling around 65 MW. Fibanc's main partner in Fersa is Catalonian insurance company Catalana Occidente.

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