When fully operational, the wind farms are expected to generate about 1.5TWh of clean energy
Copenhagen Infrastructure Partners (CIP) has announced financial closing on its 487MW Monegros wind portfolio in Spain.
Located in Aragon region in the country, the wind portfolio consists of 12 wind farms. It is part of Copenhagen Infrastructure III K/S (CI-III), a €3.5bn energy infrastructure fund managed by CIP.
The financing had been provided by six Spanish and European banks including ABN AMRO, Bankia, Bankinter, BBVA, Sabadell and Unicredit, all of which have committed to nearly €380m in non-recourse, long-term debt financing.
The financing will be available for drawdown after the wind farms begin operations.
Construction of the wind farms will continue to be funded solely with the capital provided by the CIP’s fund.
Copenhagen Infrastructure Partners senior partner Christian Skakkebæk said: “The closing of the Green Loan financing of Monegros on attractive terms marks another important milestone for our Monegros investment. This project matches our strategic focus on large scale renewable energy investments that can generate attractive and stable long-term returns for our investors.
“It is one of the largest market parity renewable energy investments made in Europe to date, demonstrating CIP’s ability to identify and execute projects that will contribute meaningfully towards Europe’s green transition.
“We would like to thank the lenders and the advisors involved for successfully completing this transaction, despite a challenging market environment.”
Generating 1.5TWh of clean energy, the wind portfolio can power 430,000 homes annually
While first power has already been achieved from the wind farms, they are expected to enter into commercial operations over the next one year.
When fully operational, the wind farms are expected to generate about 1.5TWh of clean energy, which is sufficient to power 430,000 average Spanish homes, annually.
Power generated from the Monegros wind portfolio will be sold under power purchase agreements (PPAs) which were signed earlier this year.
CIP expects that the about 12TWh of renewable energy will be sold under the PPAs, making it the largest renewable power purchase agreement signed till date in Europe.
CIP’s CI-III fund acquired the wind farm portfolio under development from Forestalia Renovables, which has continued to develop the portfolio in cooperation with CIP.
The wind farms feature a total of 129 of GE 3.8-130 wind turbines, which are supplied and installed by GE Renewable Energy.