RyC advises Sabadell on two wind farm projects financing for Ecoener

Ramón y Cajal Abogados has advised Banco Sabadell on the financing of two wind farm projects with a nominl 8MW for €6.5 million in Gran Canaria

Ecoener continues its commitment to renewable energy in the Canary Islands with the construction of two new wind farms in San Bartolomé de Tirajana. The total investment in these wind farms exceeds €13 million and when completed, Ecoener will have seven wind farms in operation on the islands, helping to boost the region’s economy.

The financing has been granted for €6,575,000 by Banco Sabadell.

These new wind farms, called Arcos del Coronadero and Lomo del Moral, are made up of 5 Enercon 48 wind turbines each. Together with the other 3 new wind farms that Ecoener already has in operation since this year, the five together will be able to cover the equivalent of the annual electricity consumption of 18,393 families.

The energy from these two new wind farms is equivalent to 2,204 tonnes of oil per year, which will considerably reduce the consumption of fossil fuels in the area and, given the scarcity of this product in the territory, will also mean significant savings in the energy bill and in the balance of payments. Similarly, the commissioning of these wind farms in 2021 will lead to a reduction of 28,560 tonnes of CO2 emissions into the atmosphere.

The Arcos del Coronadero and Lomo del Moral wind farms are co-financed with ERDF funds. This aid is the first call for aid for investment in wind technology electricity production facilities located in the Canary Islands and promoted by the European Union, under the slogan “A way of doing Europe.”

“The construction of these new parks is a great satisfaction for Ecoener and demonstrates that it is possible to actively contribute to the energy transition, even in these difficult times characterised by COVID-19. We are proud to be able to grow our portfolio in the Canary Islands and look forward to continuing to add long-term value in the region and in the Spanish renewable market as a whole,” said Luis de Valdivia, CEO of Ecoener.

Ramón y Cajal Abogados advised Banco Sabadell with a team led by partner Amado Giménez Bono (pictured), including associates Diego Gabarain and Julia Belmonte along with junior lawyer Saúl Dávila.

Desire Vidal