Spanish infrastructure, energy and telecommunications group Elecnor, through its wind energy development subsidiary Enerfin, has initiated the construction of a new 50-MW wind farm in the Valencia region, located in the municipality of Cofrentes. The new facility, which is expected to launch operations in March 2020, will require a total investment of EUR 53 million, and will be comprised of 13 wind turbines supplied by GE Renewable Energy.
It is one of the projects that was awarded under the framework of the Valencian Community Wind Energy Plan, and is the first wind farm to be built in the Autonomous Community of Valencia in the last eight years. The facility will generate sufficient clean energy to supply 43,705 households, avoiding the emission of 66,000 tonnes of CO2. It will evacuate the power generated to the Cofrentes substation, owned by Iberdrola Distribución.
The construction of the wind farm will generate over EUR 1.5 million in revenue for the Valencian Community, and the operation will provide annual revenue in excess of EUR 400,000/year from taxes and contributions to the Wind Farm Compensation Fund. The construction and operation phases are also expected to generate 300 direct jobs and over twice as many indirect jobs.
For this project, Elecnor has signed a Power Purchase Agreement with Cepsa at a fixed price for a period of 10 years. This agreement has allowed Elecnor to access profitable financing for the construction of the park and allows Cepsa to continue offering 100% renewable electricity to its customers. Likewise, it has signed the financing agreement for the project with Banco Sabadell under the project finance modality.
Elecnor is one of the leading corporations in project development, construction and operation through two major mutually-enriching business areas: Infrastructure and Concessions.
Infrastructure, renewable energy and new technologies are the main areas of activity in which the Infrastructure and Concessions businesses are involved.