Ence closes the financing of its solar thermal plant in Puertollano
Simon Matthis
Ence Energía y Celulosa has closed financing for the purchase of 90% of the Termollano solar plant in Puertollano, for an amount of 110 million euros.
The operation has been structured under the Project Finance modality without recourse and for 13 years. The Bank of Santander, BNP Paribas, Bankia and Bankinter participated in the financing operation.
The closure of the financing of Termollano is an important boost to the growth of Ence’s Renewable Energy Business, as well as the company’s first step in its diversification towards other renewable energies, different from generation with biomass, which includes its Strategic Plan 2019 -2. 3. Ence confirmed the fulfillment of the objectives of said Plan during the General Shareholders’ Meeting held yesterday.
The Termollano plant has an installed capacity of 50 MW and contributes an EBITDA to the company of 18 million euros / year, which becomes cash in its entirety. The amount of the purchase of 90% of the plant to Iberdrola at the end of 2018 had a net amount of 140 million euros.