Green Lights for Spanish Goya Project

The energy company Forestalia has signed a contract with Mirova, GE and Engie for the construction of a first section of 300 MW in north-eastern Spain. This major project is one of the most important investments in renewable energies in Spain in recent years. It is supported by the European Investment Bank (EIB) and the European Investment Plan and financed by BBVA, CaixaBank and Santander.

The first part of the cluster, to be established in the Autonomous Community of Aragon, is called Goya and consists of nine wind farms with a total capacity of 300 MW, awarded in Spain's first auction round in 2016. The project is intended to cover the electricity consumption of the Zaragoza population and avoid emissions of 314,000 tons of CO2 per year.

Shareholders' equity

The €140 million equity of the Goya project is shared by Mirova Eurofideme 3, a fund managed by Mirova (51%), GE Energy Financial Services (25%), ENGIE (15%) and Forestalia (9%).

External financing

As part of the European Investment Plan, the European Investment Bank has provided a loan of some €170 million, certified by Altermia as a Green Project Finance Loan in accordance with the Green Loan Principles. BBVA, CaixaBank and Santander, such as Mandated Lead Arrangers (MLAs) and Bookrunners, are contributing to the financing of the remaining 120 million euros.

The Power Purchase Agreement (PPA)

The total investment of 310 million euros is based on a 12-year power purchase agreement (PPA), the first of its kind on the Spanish market for renewable energies. Through this PPA ENGIE guarantees the purchase of a large part of the electricity generated in the Goya project. As a member of a joint venture with Acciona and Copsa, ENGIE will be responsible for the construction of the nine wind farms and GE for the installation of the turbines. Construction work will begin before the end of this half-year with the aim of commissioning the turbines by March 2020.

Construction of the wind farms

GE Renewable Energy manufactures GE 3.4-130 and GE 3.8-130 wind turbines at various European locations, including the Engineering Center of Excellence in Barcelona and the production facility in Salzbergen, Germany; the rotor blades are manufactured by LM Wind Power.