With this transaction, Elecnor finalises financing for three thermal solar power projects which are currently being developed in Spain alongside the Eiser infrastructure fund and Aries engineering.
Project finance agreement valued at 475 million euros. As part of its 2011-2013 Strategic Plan, Elecnor expects to invest a total of 2.8 billion euros in new projects, of which 700 million euros will be directly attributable to the company.
Elecnor has signed a project finance agreement valued at 475 million euros, alongside a group of 9 national and international institutions, to fund 2 solar power plants of 50 MW each in the municipal district of Alcázar de San Juan (Ciudad Real).
BBVA acted as the agent and structuring institution. Caja Madrid, Banco Popular, Banco Santander, Banesto, La Caixa, Bankinter, the Official Credit Institute and Crédit Agricole have also provided a share.
With this transaction, Elecnor finalises financing for three thermal solar power projects which are currently being developed in Spain alongside the Eiser infrastructure fund and Aries engineering. These projects will begin operations throughout 2012. In March 2010, Elecnor had in fact already signed a similar project finance agreement with 7 financial institutions valued at 225 million euros to build the first thermal solar power plant in Badajoz, also of 50 MW.
Elecnor’s role as a developer and investor has significantly grown over the past years within fields related to large energy generation plants, electrical transmission lines and waste water treatment, among others.
As a result, Elecnor has gone a step further in projecting its national and international image in the fields of renewable energy (particularly wind energy with over 1,000 MW in development), thermal solar energy and photovoltaic solar energy. The latter is a joint agreement between Elecnor and its subsidiary Atersa, a leading Spanish manufacturer which produces all the necessary components for photovoltaic solar power stations.
The financing provided to the Ciudad Real thermal power plants is part of the investment effort put in place by Elecnor in its 2011-2013 Strategic Plan: 2.8 billion euros, of which 700 million euros is directly attributable to the company through capital contributions in projects that will be financed under a project finance model.
EISER Infrastructure Partners has sold its majority stake in the Spanish ASTE-1A and ASTE-1B concentrating solar projects to the Elecnor Group. Elecnor originally held a minority stake in the two solar thermal projects, but now has a roughly 55% stake. EISER still own 30%, with Aries Ingenieria y Sistemas owning the remainder. At the same time, Elecnor has sold part of its stake in the Astexol-2 plant, which closed in April 2010, to EISER.