Ence closes financing for purchase of 90% of the Termollano solar plant in Puertollano, Spain for Euro 110 million

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Ence closes financing for purchase of 90% of the Termollano solar plant in Puertollano, Spain for Euro 110 million

April 01, 2019 - 10:54
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    MADRID, Spain, March 29, 2019 (Press Release) -
  • The operation constitutes an important step for Ence to grow its Renewable Energy business, as well as in the fulfillment of its Strategic Plan, whose objectives it confirmed at the General Meeting held yesterday.
  • The amount of the financing amounts to 110 million euros. The plant contributes an annual EBITDA of 18 million euros.

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 euro