Saudi company Alfanar secures €385 million from the EIB for its 547 MW wind ‘megaproject’ in Spain

Ramón Roca 26/09/18

The Saudi company Alfanar Energy has secured a significant portion of the financing required to develop its wind megaproject in Spain known as the Lanuza Wind Project. Specifically, Alfanar has obtained €385 million from the European Investment Bank (EIB) to build 21 wind farms in Andalusia, Asturias, Castilla-La Mancha, Castile and León, Galicia and Navarre. None will be located in Aragón, where the largest number of wind farms will be built in the coming months.

In total, the project comprises 547 MW of wind capacity distributed across 163 wind turbines to be installed in the 21 wind farms, each with a capacity ranging between 8 and 50 MW.

According to the EIB, this is one of the largest financings ever granted to renewable energy projects in Spain and one of the first projects to be financed in the country since the 2012 moratorium. “The EIB financing for this operation is expected to have a significant acceleration and demonstration effect. In fact, it will be one of the first greenfield renewable energy projects to be financed in Spain after the 2012 moratorium and under the new regulatory framework, which entered into force in 2014. In addition, this operation will contribute to achieving Spain’s 2020 renewable energy targets and reducing CO2 emissions,” the EIB states.

Alfanar has obtained €385 million, representing 60% of the total investment allocated to the launch of the 21 wind farms, which will reach €643 million.

Alfanar participated in the renewable energy auction held in July 2017, in which it emerged as the largest winner in terms of wind capacity, securing 720 MW. It should be noted that the largest wind projects were awarded in the May auction.

Alfanar has agreements with various developers to bring these wind projects to fruition. These projects are co-developed together with Alfanar until they reach the pre-construction stage, while Alfanar will be responsible for construction and operation.

This past August, Alfanar reached an agreement with the German turbine manufacturer Senvion, marking its return to the Spanish market. In total, Senvion will supply wind turbines with a total capacity of 300 MW.

Source: elperiodicodelaenergia.com