ACCIONA has agreed long-term finance with the State Bank of India (SBI) for its two windparks (29.7 MW installed capacity) in that country. The 18.14-million-euro operation (1,270 million rupees) is the biggest non-recourse single project finance operation carried out to date in the Indian wind power sector.

 

Formalised through its subsidiary ACCIONA Wind Energy (P) Ltd., the finance agreement shows the confidence of the financial markets in ACCIONA’s ability to carry out renewables projects as a global supplier of services and installations in this field.

 

The project convers the Anabaru (16.5 MW) and Arasinagundi (13.2 MW) windparks located in the State of Karnataka in southern India., both wholly owned by the company. The facilities represent a total investment of 29.6 million euros (2,072 million rupees) and entered service in 2008.

 

Both windparks were registered by the United Nations as a joint project under the Clean Development Mechanism (CDM) system contained in the Kyoto Protocol. Their renewable production over the ten years stipulated in the agreement will avoid 884,200 metric tons of CO₂ being emitted by conventional power stations in Karnataka to produce the same volume of electricity. ACCIONA thus obtains Emission Reduction Certificates (ERCs), which it can then trade on the emissions allowances market.

 

ACCIONA Energía is the first Spanish wind power developer with owned facilities in India. Its subsidiary, based in Bangalore, has a workforce of 14 people.

Corporate information

ACCIONA is one of the principal Spanish corporations, operating in infrastructures, energy, water and services in over 30 countries. Its motto “Pioneers in development and sustainability” reflects the commitment it makes in all its activities to contribute to economic growth, social progress and the protection of the environment. ACCIONA leads its sector on the Dow Jones Sustainability Index, has a workforce of around 35,000 professionals and earned revenues of 2,665 million euros in 2008. It is quoted on the selective IBEX-35 index of the Spanish stock market  (ANA.MC). 

ACCIONA Energy is a world-leading company in renewable energies. It has installed 7,573 MW of wind power capacity in 266 windparks in 14 countries, of which 6,101 MW are owned by the company. It also manufactures wind turbines using in-house technology, and owns and operates CSP, photovoltaic, hydropower, biomass, biodiesel and bioethanol plants. The company is also a global service provider for customers interested in the development, construction and operation of projects in renewables.

 

Source: ACCIONA