Enerfín secures funding of EUR 136 million to construct four wind farms in Navarra

Enerfín, the Elecnor Group’s renewable energy subsidiary, has obtained a loan of EUR 136 million to finance the construction of four wind farms in Navarra. The investment has come from the Danish fund AIP Infrastructure II, which is managed by the company AIP Management, whose investors include several Danish pension funds.

The loan, which does not involve contributions from the shareholders, has been arranged using a long-term debt instrument and is compatible with other financing sources available to the company. 

Enerfín will manage the four farms during their operation. They are located in the region of La Ribera in Navarra, with a capacity of 139.2 MW between them and they will produce around 431 GWh annually, avoiding the release of 32,000 tonnes of carbon dioxide each year. It is expected that the wind farms will be operational in October 2023.

José Castellanos, CEO of Enerfín, declared, “We are very pleased that AIP is participating in this energy project, which means we will continue to build infrastructures capable of producing resources sustainably. Furthermore, AIP’s trust in us shows, once again, the interest that investors have in this type of project”. 

In turn, Kasper Hansen, managing partner of AIP Management, pointed out, ”After recently opening our office in Madrid, we are very pleased to make this first investment in the Spanish market with the collaboration of a partner such as Enerfín that has a great reputation and wide experience. We are very hopeful about the future, as Spain is a very attractive market where we are taking a strategic approach in deploying capital in renewable energy projects, using our new instrument for flexible financing”.

This project joins Enerfín’s extensive portfolio, which currently includes 8.4 GW of new projects in Spain, Brazil, Canada, Colombia, Australia, Mexico, Chile, Argentina and sub-Saharan Africa. The project portfolio is split between 6.5 GW of wind power and 1.9 GW of solar power.

The loan, which does not involve contributions from the shareholders, has been arranged using a long-term debt instrument and is compatible with other financing sources available to the company.