Cabeceras Noticias Santander

GREENALIA AGREES THE UNDERWITING OF THE SENIOR FINANCING TRANCHE OF THE EOLO PROJECT WITH THE SANTANDER BANK

On last December 10, 2018, Banco Santander S.A. and Greenalia Wind Power Eolo S.L. formalized the agreement for the underwriting of the senior tranche of the Project Finance debt of the “Eolo Project” (eight wind farms totaling up to 185 MW in the region of Galicia).

With the signing of this agreement, Banco Santander will act as Mandated Lead Arranger, Bookrunner and Underwriter; as well as Green Loan Global Coordinator (since the loan will be qualified as Green Loan by an external agency, in the same way that it has happened with other corporate emissions and project financing of the group).

The Santander Bank has arranged the approval and underwrite of this senior loan for a maximum amount of up to € 156,000,000, subject, to the satisfactory result of the different due diligence processes and signing of all the necessary legal documentation; as well as the formalization of a PPA currently in negotiation.

This milestone means an important step in the financial closure process of the Eolo Project in which Greenalia is currently located, as part of its Strategic Plan # 1-5-100. This plan will allow to reach, starting in 2020 (considering the traditional business, the entry into operation of the 50MW biomass plant in Curtis-Teixeiro and the Eolo Project) a total turnover of 116 million euros and an EBITDA of 41 million (of which the Eolo Project will mean 26 million for energy sales and 20 million euros of EBITDA).

 

Learn more about Greenalia S.A. renewable energy projects on the following link  http://www.greenalia.es/business-division/