Elecnor gets financing for its wind farm in Quebec (Canada)
Madrid, 16 May 2012.- Elecnor received financing to the tune of 250 million Canadian dollars (approximately 193 million euros at the current exchange rate) for the development of the 100 MW L'Erable wind farm currently being built in Quebec (Canada).
The financing consists of a syndicated loan entered into exclusively by Canadian companies, reflecting the trust the Canadian financial sector has in the Spanish company. National Bank Financial and Sun Life Assurance acted as the co-underwriters for the financing.
The L'Erable project was awarded by Hydro-Québec, a public energy generation and transmission company, with which an agreement has been entered into to provide electricity for 20 years. The farm will supply renewable energy for some 30,000 homes.
It is planned that this wind farm, Elecnor's first in Canada and the first for a Spanish company in Quebec, will be up and running within 18 months. Enerfín, Elecnor's subsidiary that develops this infrastructure, plans to install 50, 2 MW unit-power wind turbines using Enercon's latest-generation technology from Germany, with more energy efficiency, a longer useful life and less environmental impact.
Elecnor's experience in the development and operation of wind farms, with over 1,000 MW throughout the world, as well as the support from Hydro-Québec and several local companies, have been key factors in obtaining financial backing from Canadian institutions.
The financing for the Quebec farm is part of the investment effort put in place by Elecnor in its 2011-2013 Strategic Plan, which comes to 2.8 billion euros, 700 million euros of which is directly attributable to the company through capital contributions in projects that will be financed under a project finance model.