The €18.1 million operation is the biggest non-recourse single project finance operation carried out to date in the Indian wind power sector and was formalised through its subsidiary ACCIONA Wind Energy (P) Ltd. According to the company, “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 finance covers the Anabaru (16.5 MW) and Arasinagundi (13.2 MW) wind farms located in the State of Karnataka in southern India, both of which are wholly owned by the company. The facilities represent a total investment of €29.6 million and entered service in 2008.
Both wind farms 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 tonnes of carbon dioxide 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 Energía is the first Spanish wind power developer with owned facilities in India and its subsidiary, based in Bangalore, has a workforce of 14 people.
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