A portfolio of three wind farms and two solar farms in Spain, with a combined capacity of 199 MW, has secured project financing following its acquisition by Encavis. The first projects are already operational, while the remaining assets are scheduled to enter operation in the first quarter of 2026.
The financing package totals €135 million and has been provided by Nord/LB, Rabobank and Siemens Bank. It comprises a €117 million term facility with a maturity running until 30 June 2044, a €5 million debt service reserve facility and a €13 million letter of credit facility.
Within the transaction, Nord/LB acted as mandated lead arranger, hedging bank and letter of credit bank. Rabobank served as mandated lead arranger, hedging bank, security and facility agent, as well as letter of credit bank. Siemens Bank also participated as mandated lead arranger.
The wind portfolio consists of 24 turbines supplied by Nordex. The two solar farms will be equipped with a total of around 98,000 bifacial ground-mounted solar panels. Once fully operational, the portfolio is expected to generate approximately 467 GWh of electricity per year.
