Spanish infrastructure firm Acciona has signed a loan agreement worth AUD75m ($56.7m) with Instituto de Crédito Oficial (ICO) for the construction and start-up of the Mt. Gellibrand wind farm in Victoria, Australia.
Set to operational in the second half of 2018, the wind farm will have a total capacity of 132MW. The power produced by the wind farm will be sold in the wholesale market.
Furthermore, the state government of Victoria has agreed to buy renewable energy certificates for 66MW of the power produced by the facility, following a public tender in 2016. The contract will enable it to purchase certificates for up to 10 years.
ICO president Pablo Zalba highlighted that the added value contributed by ICO in this kind of operation, by facilitating finance in local currency. He also pointed out that the public bank will continue to promote activities that facilitate the internationalization of Spanish companies so that they can be more competitive.
Acciona managing director for economics and finance Carlos Arilla has expressed satisfaction at the support from ICO in a project that strengthens Acciona’s position in the renewables market in Australia, a country where we also have a major presence in the infrastructure and water businesses.