Ence Energía y Celulosa has closed financing for the purchase of 90% of the Termollano solar plant in Puertollano, Spain for an amount of Euro 110 million, as the company said in the press release received by Lesprom Network.
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 Termollano plant has an installed capacity of 50 MW and contributes an EBITDA to the company of Euro 18 million per 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 Euro 140 million.
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.
Ence is one of the main European producers of eucalyptus pulp, the most important Spanish company in the production of renewable energy using forest biomass.
