Herlev, 28 July 2011
Company Announcement No. 23/2011
Greentech Energy Systems A/S finalizes financing of 30 MW Wind Farm in Spain
In continuation to the Company Announcement No. 15/2011 and 16/2011 Greentech announces that the project financing agreement concerning the 30MW Wind Farm in Spain located in Tarragona, Catalonia has been closed before the Notary in Madrid.
Besides the cost of the acquisition, the project financing agreement also covers all structuring costs, fees and VAT expenses. The overall facility granted by the Banks amounts to EUR 41.9 million, corresponding to 75% of the total investment. The project financing has been granted by Banco Santander and Banco Sabadell, two leading Spanish banks.
Based on the definitive business case agreed with the Lenders, Greentech expects to increase the indicative IRR from 14.5% to over 16%.
Peter Høstgaard-Jensen, Chairman of Greentech, commented:
“Greentech is very proud to have made this acquisition and obtained very competitive financing conditions in only two months. It could be considered an exceptional achievement. This truly demonstrates the ability and credibility of the company and the management team, despite very tough financial market conditions. Furthermore these 30 MW of Wind Farm in Spain are a clear signal of the diversification strategy in geographical presence and reduction of dependence on Italy.”
The Board of Directors
For further information, please contact:
Sigieri Diaz della Vittoria Pallavicini, CEO, tel: +41 79 202 59 43
Peter Høstgaard-Jensen, Chairman of the Board of Directors, tel: +45 40 10 88 71
