Cerberus achieves €130M refinancing of four Spanish wind farms
- Watson, Farley & Williams
- Cerberus Capital Management LP
- Renovalia Energy
- COMSA EMTE
- Enel Green Power (EGP)
- 25.2 MW Cova da Serpe II wind farm in Lugo
- 20 MW Sierra Sesnández wind farm in Zamora
- 30 MW Magaz wind farm located in Palencia
- 30 MW Loma del Capón wind farm in Granada
Cerberus Capital Management, through its Spanish affiliate Renovalia Energy Group, S.L, has successfully achieved €130 million (US$138.2 million) refinancing of a portfolio comprising four Spanish wind parks.
With an aggregated capacity of 105.8 MW, the four parks are Sierra Sesnández in Zamora, Loma del Capón in Granada, Magaz in Palencia and Cova da Serpe II in Lugo. All four parks, acquired by Cerberus in February 2016, had previously been financed by different banks under a project finance structure. The new refinancing structure integrates the previous financing for all four projects.
The syndicate of banks for the current refinancing consisted of CaixaBank, S.A., Banco Bilbao Vizcaya Argentaria, S.A. and Banco de Sabadell, S.A. Watson Farley & Williams acted as legal advisors for Cerberus.
Sierra Sesnández is a 20 MW wind farm located in Riofrío de Aliste generates 46 GWh annually, enough to power the consumption of 13,270 households. The wind farm represented a total investment of US$36 million. It was developed jointly by Sinia Renovables and COMSA EMTE, and it was completed in 2012. Build with 10 wind turbines Gamesa G97 / 2000 with power 2 MW and diameter 97 meters.
Loma del Capón is a 30.6 MW wind farm located in Albuñuelas generates 81 GWh annually, enough to power the consumption of 12,000 households. The wind farm represented a total investment of US$38 million. It was developed by Viento y Energía (VYE) and it was completed in 2012. The farm comprises 17 wind turbines Vestas V100 1,8 MW and diameter 100 meters.
Magaz is a 30 MW wind farm located in Palencia. The farm comprises 15 turbines Vestas V90/2,000 diameter 90 meters the wind farm is operated by Enel Green Power.
Cova da Serpe II 25.2 MW wind farm located in Lugo generates 67 GWh annually.The wind farm represented a total investment of US$30 million. It was developed by Parque eolico Cova da Serpe and it was completed in 2010. The farm comprises 3 Vestas V90/3,000 and diameter 90 meters, plus 9 wind turbines Vestas V90/1,800 and diameter 90 meters.