EDF Energies Nouvelles arranges long-term financing for two projects in Greece

Arranged with the support of Emporiki Bank (Crédit Agricole group) and Unicredit Bank, the project finance deal is comprised of a long-term facility together with bridge loans facilities covering subsidies, VAT pre-payment, and working capital.

The project financing for the wind farm has a 15.5 – year term while the solar energy project benefits from an 18 – year term. Furthermore, the financing parameters comply with the strategic target set by EDF Energies Nouvelles group i.e. a 80/20 debt to equity ratio.

The Skopies wind farm in Beotia north-west of Athens, with an 18 MW installed capacity, was commissioned late March 2010. The Xirokambi solar photovoltaic power plant, which is located in the Peloponnese, with a 6 MWp installed capacity, has reached an advanced stage of construction. These two projects are owned by EEN Hellas, a fully consolidated subsidiary of the EDF EN group.

“In addition to the top quality work delivered by our team, the signature of the financing arrangements for these two facilities demonstrates the banks’ confidence in our projects and in the support provided to the renewable industry in Greece. This transaction strengthens our confidence in our continued diversified development in Europe and North America”, commented Philippe Crouzat, Chief Financial Officer of EDF EN.

With operations in Europe and North America, EDF Energies Nouvelles is a market leader in green electricity production. With a development focused on wind energy for several years and more recently on solar photovoltaic, the Group is also present in other segments of the renewable energies market: small hydro, marine energy, biomass, biofuel and biogas. In addition, the Group is expanding in the distributed renewable energies sector.

EDF Energies Nouvelles, 50 %-owned by the EDF Group, is listed in Euronext Paris since November 2006 (code "EEN", ISIN code: FR0010400143).