Spanish developer Capital Energy has closed an agreement with MEAG, to obtain €165m in financing for a 206MW renewables project portfolio.
MEAG is the fund that manages Munich Re’s investments, including ERGO, which is a provider of reinsurance, direct insurance and insurance-related risk solutions.
Capital Energy will allocate the funds, granted under a project finance framework, to five renewable facilities, comprising four wind farms, one of which is operational, and one solar project.
The wind facilities have a total capacity of 198MW and are located in Palencia and Soria (Castilla y León) and Albacete (Castilla-La Mancha), while the solar plant, with 8MW of capacity, is located in Cuenca (Castilla-La Mancha).
The operational Las Tadeas wind farm in the portfolio is located near the Palencia municipalities of Paredes de Nava and Cardeñosa de Volpejera and has a capacity of 40MW and hosts 11 SG 3.4-132 Siemens Gamesa turbines.
The remaining three wind projects and one solar project will come into operation between 2022 and 2024.