Valorem has raised financing, from Alpha Bank, for the construction of a 27MW wind farm in Greece.
The Magoula wind farm represents a total investment of €40m.
Magoula, which is fully owned by Valorem, has secured a feed-in tariff in July 2020 through the auction organised by Greece’s Regulatory Authority for Energy (RAE).
The wind farm is located on Askio Mountain (Siniatsiko) to the north-west of Kozani town in northern Greece, at an elevation of 1700 metres.
It will be connected to the national grid through the Gratsiani substation.
It will host six Vestas V150-4.5MW wind turbines.
The construction will start shortly with commissioning forecasted for the first quarter of 2024.
It will be managed by Valorem’s subsidiary Valrea and the works will be performed directly by Air Energy as the main EPC contractor of the project.
The asset management will be performed in-house by Valorem and O&M will be subcontracted to Vestas under a long-term contract.
Philippe Tavernier, COO of Valorem Group, said: “We aim to develop our presence outside France and support Europe to accelerate energy transition, achieve its green goals, reach energy autonomy and secure the supply of affordable green electricity.
“Following our solid business strategy, since 2019 we develop a mix RES portfolio in Greece with photovoltaics and wind farms.
“Greece is a key market for us, and we are delighted that our expansion there is supported by Alpha Bank, our financial partner.”
Valorem secured a long-term bank financing from Alpha of nearly €31m, including a VAT tranche and a Debt Service Reserve Facility.