Greentech Energy Systems A/S (Greentech) has completed the acquisition of a 30 MW wind farm located in Tarragona, Catalonia, Spain.
The wind park has been developed and constructed by Gamesa and is already in operation. The wind park consists of 15 Gamesa G90 2.0 MW turbines of which 14 turbines is in operation and the remaining turbine is pending the final authorisations and is expected to be in operation within the coming 12 months.
Greentech’s acquisition of the wind park was subject to a written confirmation from the Regional Administration of Catalonia regarding a change of control legislation introduced at the beginning of this year, which is now obtained as anticipated.
Under normal wind conditions in the area, the project is expected to generate approx. 66.2 GWh annually and with the current tariffs this would result in an annual revenue of about EUR 5.5M and EBITDA of EUR 4.7M.
In the end of July 2011 Greentech obtained a project financing for the project. The overall facility granted by the Banks amounts to EUR 41.9M, 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 above assumptions, Greentech expects to have an indicative IRR of more than 16 %.
With the acquisition of the project, Greentech has started the fulfilment of the Company’s ambition of diversification 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: +45 33 36 42 02
Peter Høstgaard-Jensen, Chairman of the Board of Directors, tel: +45 40 10 88 71