The first of Greenalia’s Wind Farms, Miñón, located in Vimianzo (A Coruña) goes into operation as scheduled. With a 28 million euros investment, it is equipped with 6 of the most powerful wind turbines in operation today in Spain and Portugal. These turbines can generate 4 MW each, which amounts to a total production capacity of 24 MW for the Miñón Wind Farm.
Ourol Wind Farm, located in Lugo, is at a very advance stage. With a 26 million euros investment, it is expected to go into operation during the first quarter of 2020. Three more Wind Farms will join these two in the third quarter of 2020, all of them located in A Coruña Province: Alto de Croa, Alto de Croa II y Monte Tourado.
These five Wind Farms are Stage 1 of the Eolo Project development which will total 87 million euros in investment and are estimated to generate in 2021 around 10 million euros in revenue and a 7,5 million euros EBITDA.
Stage 2 of Eolo Project is at an advanced stage and will have a 149 million euros investment in four Wind Farms that will go into operation before the end of 2020. These Wind Farms will generate extra revenues from the energy commercialization of 18,5 million euros and a 14 million euros EBITDA.
Antonio Fernández Montells, Greenalia’s CFO, points out, “(…) our wind projects, together with our Biomass and our traditional businesses will allow us in 2021 to reach 43% of our strategic objectives of our five year plan (2018-2023). With expected revenues of 120 million euros, 43 million euros EBITDA and 252 MW in operation.”
In July 2019, Greenalia secured 84 million euros of financing (Project Finance) for the start-up of five Wind Farms included in the first stage of Project Eolo: Miñón, Ourol, Alto de Croa I, Alto de Croa II and Monte Tourado. Financing for the rest of the Wind Farms is expected to be secured in the first quarter of 2020.
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