DNV GL, the world's largest resource of independent energy experts and certification body, successfully completed a technical due diligence on behalf of Banco de Sabadell S.A. and Bankia S.A for financing the construction of the Gecama wind farm. The project’s 312 MW of total installed capacity is the largest single wind farm in Spain.
Gecama is expected to provide clean energy to approximately 260,000 Spanish households. Located in the province of Cuenca (Castilla La Mancha, Spain), the wind farm is planned to enter commercial operation in 2022 and will reduce CO2 emissions annually by approximately 150,000 tons.
To support the two banks during the financing process, DNV GL provided a variety of technical services bringing together a multidisciplinary team of experts to undertake an integrated assessment and review of different aspects, such as the energy production, technology and design, grid connection arrangements, construction and operation and maintenance contracts, permitting, environmental, social and health and safety compliance, amongst others.
Financial close occurred in June 2020. DNV GL will continue to act as Lenders’ Technical Advisor during the construction phase of the project.
In the midst of the energy transition, energy companies are now taking the decisive steps for in the decarbonization of the future energy mix. After the first auction schemes in Spain in 2017, the national energy and climate plan (PNIEC) has given a strong signal to accelerate the renewable energy generation. In the next decade, according to the plan, wind installed capacity will be doubled while solar installed capacity will be multiplied by six in Spain to meet the challenging targets of the PNIEC. Spain will feed large amounts of renewables into the energy mix while managing the integration of new technologies such as storage, EVs and distributed generation.
“As a leading bank in financing renewable energy projects, it is a great satisfaction for Bankia to finance the construction, commissioning and operation of one of the largest wind farms in Spain owned by its subsidiary GECAMA, which will contribute to improving the energy mix of the country," said Jörg Hahn, Head of Structure Finance, Capital Markets Bankia.
“Given our in-depth experience across the global power and renewable energy industry – from generation to transmission and distribution to end use – our customers often look to us for our knowledge and expertise of local markets in the sector. The energy transition is unfolding as a daily reality for many of our clients and to be actively involved in projects like this, reinforces our commitment to move forward the energy transition,” said Andreas Schröter, Executive Vice President Central Europe and Latin America at DNV GL – Energy.