Capital Energy signs a second ‘project finance’ with Banco Sabadell for €21 million
- The funding for Loma de los Pinos, an installation in Seville for 39 megawatt (MW) installed power, that already has a long-term energy purchase contract and will be operational in the first semester of 2022, will have a duration of 18 years.
- This operation opens a new funding pathway for Capital Energy, whose portfolio of renewable energies is at around 38 gigawatts (GW) in Spain and Portugal, over 8,700 MW of which already have access permits.
Madrid, 11 August 2021.- Capital Energy, a Spanish energy company founded in 2002 with the aim of becoming the first vertically-integrated 100% renewable energy operator in the Iberian Peninsula, has just taken the next step in financially consolidating the development of its clean energy project.
Capital Energy has just secured a project finance with Banco Sabadell, for €21 million, for the first wind farm that it is building in Andalusia, specifically in the Sevillian municipality of Lebrija: Loma de los Pinos, with 39 megawatt (MW) capacity.
The funding operation agreed between Capital Energy and Banco Sabadell for this renewable energy facility that is expected to be operational in the first half of 2022 and already has a long-term power purchase agreement (PPA), will have a duration of 18 years and it is the second one signed between these companies.
This agreement opens a new funding pathway for Capital Energy, who has just announced the signing of a corporate loan for €140 with the European credit manager Incus Capital and the Ontario Teachers’ Pension Plan (OTPP).
The seven wind turbines of this wind farm, supplied by General Electric (GE), will arrive at the location in the third quarter and will be capable of supplying 103,000 megawatt hours (MWh) per year of clean energy, equivalent to the consumption of around 40,000 homes in the region, and also preventing the annual emission of more than 41,000 tonnes of CO2 into the atmosphere.
Loma de los Pinos will stimulate the creation of more than 220 direct jobs during the peak periods of its construction. In the operation and maintenance phase it will also provide permanent jobs for eight professionals from the area.
Moreover, this renewable energy plant will have an annual economic impact on the local coffers (mainly property tax and trade tax), as well as from lease agreements, of more than €250,000. About €500,000, which is the one-off payment for the tax on construction, installations and building works (ICIO), can be added to this recurring sum.
Andalusia, a key region for Capital Energy
Andalusia is essential to Capital Energy’s project for clean energy development. The company is developing over 1,300 megawatts (MW), both from wind (close to 900 MW) and solar (approximately 450 MW) in this autonomous community, which entails an investment of over €980 million.
Capital Energy is promoting the construction of 26 renewable projects, 21 wind and five photovoltaic, in six Andalusian provinces. The most megawatts and installations are located in Almeria (460 MW and 8 projects) and Granada (394 MW and 4). They are followed by Malaga (282 MW and 7); Seville (157 MW and 5); Cadiz (28 MW and 1) and Huelva (26 MW and 1).
A portfolio of more than 35 GW on the Iberian Peninsula
In line with its commitment to a green and fair energy transition, Capital Energy currently has a portfolio of wind and solar projects in the Iberian Peninsula with around 35 gigawatts (GW) of capacity, of which more than 8.7 GW have already received network access grants.
Thanks to the launch of its retail arm in the final quarter of 2020, Capital Energy reached its strategic aim of being present on the entire renewable energy value chain: from development, where, given its 20-year history, the Company has a consolidated position, to construction, production, storage, operation and supply.
The aim of the Company, which has more than 385 employees distributed throughout 15 offices in Spain and Portugal, is to deliver to the end consumer the 100%-renewable energy that it is already producing at its facilities.
Loma de los Pinos, our first wind farm in Andalusia
The renewable energy facility, located in the province of Seville, will have an installed power of 39 megawatts (MW) and its development involves an investment of €36,000,000.