Elecnor has been granted financing for the amount of 445 million Brazilian reais (roughly 198 million euros at the current listed value) from the National Bank for Economic and Social Development (BNDES, Banco Nacional de Desenvolvimento Econômico e Social) to develop its subsidiary Enerfín's new wind projects in Brazil. The financing has a 16-year term.
This agreement with BNDES covers the latest three awards Elecnor has been granted in Brazil, 150 MW altogether. Specifically, said awards constitute the Las Leiloes wind farms (96 MW in 2009 and another 46 MW in 2010) and the Palmares wind farm, with an additional 8 MW.
Of these 150 MW located in the state of Rio Grande do Sul, 30 MW are already in operation, while the rest are scheduled to become operational sometime this year or next. By combining the new MW with those previously developed, Elecnor's total power in Brazil climbs to 300 MW, thus staking its place among the country's industry leaders.
Elecnor has consolidated its position within the realm of renewable energy, with a prominent foothold in wind (over 1,000 developed MW), thermal solar (three plants currently under construction in Spain) and photovoltaic solar energy. The financing provided to the Brazilian wind farms is part of the investment efforts put in place by Elecnor within its 2011-2013 Strategic Plan: 2,800 million euros, of which 700 are directly attributable to the company through capital contributions in projects which will be financed under a "project finance" model.