Renovalia Energy signs a ?16 million contract to finance a new wind farm in Hungary

Renovalia Energy, a Spanish producer of electric power by means of renewable energy sources (wind energy, solar power photovoltaic, solar thermoelectric and mini-hydraulic), has signed a 16 million euros contract to finance Babolna’s wind farm in Hungary.

The wind farm is under construction and has 15MW of power. Renovalia has signed the Project Finance contract with the hungarian financial institution OTP Bank. Babolna will use Vestas V90 wind turbines of 2 and 3MW.

Renovalia reinforces its position in Hungary, where it is one of the largest operators of wind energy. With this project, the company has 39 MW of installed capacity in the country. Renovalia already operates Movar I wind farm and it is promoting 32MW more in Hungary.

The construction of the wind farm started at the beginning of this year and the company expects that it will start operating in July 2010. 

The contract for Babolna’s wind farm includes engineering, supply, building, operation and mantainance of 7 wind turbines V90 of the danish company Vestas.

The expansion of Renovalia in Hungary is part of the international strategy of the company, which operates in 8 countries in Europe and North America (Spain, U.S., Canada, México, Italy, Romania, Hungary and Turkey) and has a pipeline of 2,4 GW, diversifies both geographically and technologically.

Renovalia Energy is a company specialised in the promotion, engineering, construction, operation and sale of electricity generated by sources of renewable energy. The company has a 360º focus: it has wind power, solar photovoltaic, concentrating solar power and mini-hydraulic projects.

Renovalia was founded more than 10 years ago. This initiative arose from the desire to combat climate change and improve people’s lives by eliminating traditional, highly polluting energy sources from their production processes.

Today Renovalia is one of the leading companies in the sector in Spain and it has one of the most balanced energy mixes in the market. It is one of the biggest producers of clean energy of the country. The company has always maintained a business strategy of continuous investment, aiming to increase its presence in the market at both national and international level.
Renovalia wants to become a global reference in the renewable energy sector in the near future. The company has an ambitous expansion plan. Renovalia is present in 8 countries (Spain, U.S., Canada, Mexico, Italy, Romania, Hungary and Turkey) and has 552.5 MW in operation and under construction.

It owns 10 wind farms, 4 solar photovoltaic plants, a mini-hydraulic power plant and a solar thermal plant. The company has a pipeline of 2.4 GW, which is diversified both technologically and geographically. In 2009 Renovalia managed to avoid the emission into the atmosphere of 380,399 tonnes of CO2 as a result of the production of renewable energy and the optimisation of the efficiency of its assets. This figure is equivalent to CO2 that a forest of 1,000,000 trees absorbs in all its life.