Spanish developer Eurovento clinches finance for six projects in Spain
1 September 2002
Spanish wind developer Eurovento, a 50:50 joint venture between Terranova Energy, based in the US, and the European branch of Japan's Tomen Power Holding Corporation, has clinched a EUR 200 million loan from Germany's Hypo Vereinsbank to finance six wind projects in Spain with a combined capacity of just over 200 MW. Two of the six developments, La Bobia y San Isidro (49.3 MW) in Asturias and Paxareiras II b (21.6 MW) in Galicia, are already up. Building is underway or about to begin on the others. Eurovento expects the last one to come online by next summer, bringing the company's total installed capacity in Spain to 331 MW, around 10% of the country's current installed wind capacity. The 15 year loan helps consolidate the Spanish industry's trend towards use of megawatt turbines. Two of the Galicia projects -- Tea (48.1 MW) and Paxareiras II f+ (7.8 MW) -- will use 1.3 MW turbines from Danish Bonus, supplied by its Spanish partner Izar-Bonus. Two further Galicia projects -- Paxareiras II d & e (34.8 MW) and Deva (39.6 M) -- will use Bonus 600 kW turbines. The loan is one of the world's largest project finance deals for renewables, though it falls far short of the EUR 913.5 million syndicated loan secured by fellow Spanish developer Energías Eólicas Europeas (EEE) in 2001 to put up 1173 MW, of which over 500 MW is now up and running.
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