Forestalia has signed a 10-year power purchase agreement (PPA) with Galp Energia Espana to support the refinancing of its 42700KW Canteras 3 wind farm in Zaragoza.
The project, authorised for 40MW, comprises seven GE 158-6.1MW turbines supplied by General Electric and entered operation in July 2025.
The refinancing, arranged with Banco Sabadell, totals €46.7m and includes a senior loan plus three additional tranches: two to cover guarantees linked to the PPA and one for decommissioning.
The pay-as-produced contract covers 65% of the plant’s output, equivalent to around 73,515MW a year, ensuring stable revenues for the next decade.
Forestalia received legal advice from MAIO Abogados, while Banco Sabadell was advised by Clifford Chance on legal matters and DNV on technical issues. Willis Towers Watson acted as insurance adviser.
The new agreement builds on a previous PPA between Forestalia and Galp for the 48.8MW El Campillo wind farm in Zaragoza, also covering 65% of production.
Both assets, located in Quinto, Fuentes de Ebro and Zaragoza municipalities, are expected to avoid the emission of about 80,000 tonnes of CO2 annually.