In a joint announcement, Italian utility Enel and Spanish counterpart Unión Fenosa say they are investing EUR 217 million in construction of eight wind projects and three small hydro developments in Spain. Combined capacity is 242 MW. The projects belong to Enel-Unión Fenosa Renovables (EUFR), a Spanish renewables joint venture 80% controlled by Enel and 20% by Unión Fenosa. EUFR claims the plan is backed by three major banks which are currently carrying out due diligence procedures for a project finance agreement covering 80% of the total investment. The banks are Banco Bilbao Vizcaya Argentaria, Santander Central Hispano and Banco di Roma. EUFR expects signatures on the arrangement by the end of the year. EUFR claims building is imminent on at least two of the projects: La Oliva in Albacete, Castile La Mancha and Silvarredonda in La Coruña, Galicia. The remaining developments are also in these two regions. EUFR says the 242 MW will cover its investment plans up to mid-term 2006.
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