Forestalia, Mirova and  ENGIE sign agreement to build the Goya wind farm in Spain

Spain-based Forestalia has entered into an agreement with Natixis Asset Management subsidiary Mirova, American multinational conglomerate GE, and French multinational electric utility company ENGIE to build the Goya wind farm, the first subsidy-free 300 MW wind project in Spain. The project, awarded to Forestalia in the first Spanish renewable generation auction of 2016, is a cluster of nine wind farms that will be built in the province of Zaragoza. The project will be set up with Euro 140 million worth of equity and Euro 170 million of debt financing. The European Investment Bank will provide a Euro 50 million loan for the project, while a syndicate of commercial banks will lend an additional Euro 120 million. The equity financing, approximating Euro 140 million, is shared between Mirova Eurofideme 3, a fund managed by Mirova (51 per cent), GE Energy Financial Services (25 per cent), ENGIE (15 per cent) and Forestalia (9 per cent). ENGIE will buy a large portion of the electricity generated by the wind park under a 12-year PPA. The French company will also be in charge of the construction process, while GE will take care of the supply and installation of the turbines, manufacturing them at its facilities in Europe.

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