- The operation, which relied on the legal advising of Cuatrecasas and Ashurst, opens up a new way to capturing financial resources for Capital Energy, whose renewables portfolio in Spain and Portugal totals nearly 30 GW, with access rights already granted for over 8.5 GW
Capital Energy, the Spanish energy company founded two decades ago aiming to become the first vertically-integrated, 100%-renewable operator in the Iberian Peninsula, continues to take steps to strengthen the implementation of its clean energy project from a financial standpoint.
The company executed an important agreement with MEAG, the asset manager of Munich Re including ERGO —one of the world’s leading providers of reinsurance, primary insurance and insurance-related risk solutions— from which it obtained financing in the amount of 165 million euros.
Capital Energy will allocate the funds of this Project Finance transaction to five renewable assets, four wind farms -one of them, Las Tadeas, currently in operation- and one solar power plant. These renewable energy facilities are in different stages of development and will have a total capacity of 206 megawatts (MW). The wind farms total 198 MW and are located in Palencia and Soria (Castile and Leon) and in Albacete (Castile-La Mancha), while the solar power plant, with 8 MW of installed capacity, is located in Cuenca (Castile-La Mancha).
Las Tadeas wind farm is located in a mountainous place near of the municipalities of Cardeñosa de Volpejera and Paredes de la Nava (Palencia) and consists of eleven (11) wind turbines Siemens Gamesa SG 3.4-132 with a hub height of 101.5 m and an installed capacity of 39.05 MW.
These five clean energy structures will generate considerable environmental value when they begin operating, foreseeably between this year and 2024. They will be able to produce nearly 675,000 megawatt hours (MWh) of clean energy per year, equivalent to the consumption of over 250,000 Spanish households. They will also avoid annual atmospheric emissions of around 240,000 tonnes of CO2.
The operation, which relied on the advising of well-known legal firms such as Cuatrecasas and Ashurst, opens up a new route to capturing financial resources for Capital Energy. The company is currently analysing different options for short-, medium- and long-term financing to develop its business plan.