Greenalia Biomass Power Curtis-Teixeiro S.L.U. has obtained Green Certificate rating for the 125 Million Euros loan to finance its energy production Biomass Plant in Curtis-Teixeiro (A Coruña, Galicia).
This rating process has been handled during the last 8 weeks by Standard&Poor’s and finally obtained E1 rating which is the maximum rating being awarded.
This loan has been structure via Project Finance and a mezzanine trench and will be used for the Biomass Plant’s that the Group is developing in A Coruña area and that will have a 50 MW capacity in a 103.000 sq meter area and will be able to generate 324 GWh a year through the use of biomass forestry residue sourced from a 100 km area around the Plant.
This Project is framed into the Investment Plant for Europe, better known as “Junker Plan”, and it is the first Biomass Plant financed by the EIB under this scheme.
To produce energy, the Plant will use forestry bimasss. In this way, the project will contribute to keep the woods in the area clean and in wildfire prevention, by also incentivizing the residue collection of small wood that is usually discarded by the industry. The biomass used by the Plant will be FSC or PEFC certified.
Apart from its positive environmental impact, this project will generate social and economic wealth, by promoting the creation of jobs and the economic growth of the surrounding areas. The Plan construction itself generated more than 400 jobs and once in operation it will create 35 permanent jobs and around 100 indirect ones in its residue supply chain.
Furthermore, in relating to the green bonds, Greenalia already issued in November 2017 its first 5,8 bond, certified by Vigeo Eiris as a Green Bond, making the company the first PYME (Small and Medium Enterprise) to undertake an emission such as this one. From that moment on, the company has done it twice more: the July 2018 3.2 Million Euros one and in January this year the 25 Million Euros one also rated as Green by Standard&Poor’s (Green Note Program). The three bonds have been referenced in Luxembourg’s green bond market (IGX – Luxembourg Green Exchange) and has been used to finance ongoing projects
You can find Standard&Poor’s rating evaluation in the following link: