Finance secured for 128 MW project in Galicia

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A 128 MW wind project for Spain's northernmost region of Galicia has secured EUR 112.2 million in financing, covering 85% of overall project investment. The lead arrangers are banks Banco Santander Central Hispano and Caja Madrid. The developer, Galicia Vento, is led by Enerfin, the energy wing of Spanish industrial group Elecnor, which owns 71% of the project. The remaining shares are split between a local small-hydro operator, Minicentrales Bouza Vella, and Spanish turbine manufacturer Ecotècnia, which will supply the turbines, rated at 1.6 MW. The turnkey contract has gone to Elecnor. The finance arrangers have fixed the building deadline for end-July 2005. The project, called Faro-Farelo stretches across five municipalities: three in Lugo province and two in Pontevedra province. Glicia Vento estimates annual production of 372 GWh, indicating a capacity factor of over 33%, four or five points above the national average.

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