ICO and ACCIONA sign a loan agreement for 75 million Australian dollars to finance the construction of a wind farm in Australia
20 November, 2017
The President of Instituto de Crédito Oficial (ICO) Pablo Zalba and ACCIONA Managing Director for Economics and Finance Carlos Arilla have signed an agreement for a loan of 75 million Australian dollars (51 million euros equivalent) to finance the construction and start-up of the Mt. Gellibrand wind farm in the State of Victoria.
The new wind farm, which will come on stream in the second semester of 2018, has a total capacity of 132 megawatts (MW). The electricity generated by the facility will all be sold in the wholesale market (pool). The Government of the State of Victoria made a commitment to purchase renewable energy certificates for 66 MW of the power generated by the wind farm, following a public tender in 2016. This contract will enable it to purchase certificates for up to ten years.
Pablo Zalba highlighted “the added value contributed by ICO in this kind of operation, by facilitating finance in local currency”. He also pointed out that “the public bank will continue to promote activities that facilitate the internationalization of Spanish companies so that they can be more competitive”.