3rd August 2018

ALFANAR LOOKS TO EIB TO DRIVE 547MW SPANISH WIND FINANCING

Saudi-based construction group Alfanar has pitched the EIB for funding to cover over 50% of the costs of a 547MW portfolio of onshore wind projects it was awarded in Spain’s July 2017 renewable energy auction.

The group has requested up to EUR 385m in finance from the multilateral, while the portfolio itself has a capex of EUR643m, according to EIB filings.

“Project Lanuza” consists of the financing of 21 wind farms ranging in size from 8MW to 50 MW – comprising 163 wind turbines – and which are located in Andalucía, Asturias, Castilla la Mancha, Castilla León, Galicia and Navarra.

Alfanar is also believed to have started sounding out commercial lenders in recent weeks. It is being advised on the debt raise by Agere Infrastructure & Energy.

The group is looking to sell an equity stake in the assets to a co-investor, and is being advised on that process by BBVA, as previously reported.

Winning projects from Spain’s 2017 auctions need to be in operation by the end of 2019.

Alfanar is financing a further 190MW tranche of wind projects from the July auction on a separate basis, and has lined up Abanca, Bankia, Bankinter and Banco Sabadell to finance the assets.

The 190MW portfolio will be underpinned by a PPA provided by Axpo.

Lanuza is the fifth Spanish renewables project to have pitched the EIB over the last 18 months.

Two of the schemes – Forestalia’s 300MW Goya wind portfolio and Greenalia’s 50MW Curtis biomass scheme – have both now received finance from the multilateral, while it is mulling proposals from X-Elio for a 386MW Lorca PV plant in Murcia and Israeli investor Ellomay Capital’s 300MW Talasol solar PV development near Caceres.

DEVELOPER SUBMITS FOR 110MW SPANISH PV

Spain-based renewables developer Grupo Sunia has submitted plans for a 110MW solar plant in Las Quinientas, near Cadiz, in the south of Spain, it is understood. It is the second time Sunia has lodged an application for the development with Spain’s environment ministry, after previous plans submitted in 2016 were ultimately turned down earlier in 2018. Provided it can receive required approvals, the company would look to start construction in 2019. The total investment cost of the scheme is believed to be in the region of EUR 77m. Sunia is making the application via subsidiary Cartuja Solar.