ICO and Acciona sign $75m deal for Australian wind farm

Instituto de Crédito Oficial (ICO) president Pablo Zalba and Acciona managing director for economics and finance Carlos Arilla have signed an agreement for a $75 million loan to finance the construction of an Australian wind farm.

The 132MW Mt Gellibrand wind farm, located in Victoria, will come on stream by the end of 2018.

The electricity generated by the facility will all be sold in the wholesale market (pool).

The Victorian goverment made a commitment to purchase renewable energy certificates for 66MW of the power generated by the wind farm, following a public tender in 2016.

This contract will enable it to purchase certificates for up to ten years.

Acciona has been present in Australia since 2002, where it has infrastructure, water and energy projects.

Carlos Arilla expressed satisfaction at the support from ICO “in a project that strengthens Acciona’s position in the renewables market in Australia”.

Mt Gellibrand will be the fourth wind farm owned by the company in the country.

With this loan, ICO has shown its support for Acciona’s expansion plans abroad.

In recent years it has participated in the financing of several projects developed by the Spanish group in other countries, such as the Eurus wind farm in Mexico or the El Romero Solar photovoltaic plant in Chile.