Spanish project financing flurry for 246 million Euro

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A flurry of financial activity over the last two months in Spain -- including two project finance agreements totalling nearly ESP 41 billion (EUR 246 million) for ten wind projects -- has highlighted the growing confidence in the wind industry by the country's financial sector. By far the largest deal has been clinched by developer Gamesa Energía -- ESP 36 billion from the Instituto de Crédito Official and Catalonian bank Caixa Catalunya to finance eight projects totalling 315 MW. Gamesa Energía says the projects will probably use 660 kW and 850 kW turbines from Gamesa Eólica. Project financing of ESP 5.75 billion was also arranged by Caja de Ahorros de La Rioja, la Caixa y los Bancos Popular y Español de Crédito for a 48.4 MW wind development in La Rioja. The developer, Desarrollos de Energías Renovables, is made up of Iberdrola Diversificación -- the renewables arm of utility Iberdrola -- and a regional investment company, Fomentación de Inversiones Riojanas. The companies were also behind a 44.4 MW plant at Yerga, so far the only wind plant to have gone up in the region (Windpower Monthly, May 2000).

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