ACCIONA concludes the long-term finance for its two windparks in India

The € 18.1-million operation was agreed with the State Bank of India.

It is the biggest project finance operation in the Indian wind power sector to date.

ACCIONA has agreed long-term finance with the State Bank of India (SBI) for its two windparks (29.7 MW installed capacity) in that country. The 18.14-million-euro operation (1,270 million rupees) is the biggest non-recourse single project finance operation carried out to date in the Indian wind power sector.

Formalised through its subsidiary ACCIONA Wind Energy (P) Ltd., the finance agreement shows the confidence of the financial markets in ACCIONA's ability to carry out renewables projects as a global supplier of services and installations in this field.

The project convers the Anabaru (16.5 MW) and Arasinagundi (13.2 MW) windparks located in the State of Karnataka in southern India., both wholly owned by the company. The facilities represent a total investment of 29.6 million euros (2,072 million rupees) and entered service in 2008.

Both windparks were registered by the United Nations as a joint project under the Clean Development Mechanism (CDM) system contained in the Kyoto Protocol. Their renewable production over the ten years stipulated in the agreement will avoid 884,200 metric tons of CO2 being emitted by conventional power stations in Karnataka to produce the same volume of electricity. ACCIONA thus obtains Emission Reduction Certificates (ERCs), which it can then trade on the emissions allowances market.

ACCIONA Energy is the first Spanish wind power developer with owned facilities in India. Its subsidiary, based in Bangalore, has a workforce of 14 people.