Developer defaults on up-front Tarifa taxes

Google Translate

Wind power developer Energy Tec SL is running behind payments on a ESP 504 million disbursement for the right to establish a 200 MW wind farm in Tarifa, in southern Spain. According to town mayor Jose Fuentes Pacheco, the Spanish company, based in Granada, has paid a total of ESP 50 million in two staggered ESP 25 million payments, but failed to meet a September deadline for a third ESP 160 million. The company guaranteed Tarifa's cash-strapped town hall the ESP 504 million up front to be deducted from revenues on power production once its wind farm was up and running. This could be the second time in a year that an ambitious wind power project falls through in Tarifa. In the spring, Wind Iberica failed to produce promised cash for a similar 200 MW development.

Have you registered with us yet?

Register now to enjoy more articles
and free email bulletins.

Sign up now
Already registered?
Sign in