Wind Farms to Spain

Tomen Corporation has announced that Tomen Power (Europe) B.V. concluded a €200 million (US$193 million) loan agreement in form of project financing with Hypo Vereinsbank, AG, a leading bank of Germany, on July 30, 2002 for its six wind power generation project companies in Spain.

Tokyo, Japan – August 26, 2002 [SolarAccess.com] Tomen Power (Europe) invested a 50 percent stake in the six project companies, which are developing the wind power generation projects with a total power output capacity of 201,200 kW in Galicia State and Asturias State of Northern Spain. In terms of scale, the loan is the world’s largest for project financing of wind power projects and is the first agreement to provide such a large loan at one time for a series of large wind power projects. The loan covers approximately 80 percent of the total project cost. Tomen Power (Europe), based in the Netherlands, a wholly owned subsidiary of Tomen Power Holding Corp. of Japan, which operates its global clean energy wind power projects, is managing and operating Tomen’s wind power generation projects in Europe. The project companies will complete construction of the wind power generation plants at six locations in 2003 and will sell electricity to regional electric companies, Union Fenosa in Galicia State and Electra de Viesgo in Asturias State, based on power purchase agreements. The loan agreement for the six projects is part of Tomen’s large wind power development projects in Spain. In 1996, Tomen Power (Europe) formed a joint venture company EuroVento with Terra Nova Energy, a leading wind power developer in the U.S.A., to develop and build wind power plants in Spain. In the same year, the Galicia State Government awarded EuroVento the first option rights to development for the next ten years to build wind power plants capable of generating a total of 525,000 kilowatts of electricity. The project in Asturias State has also been developed by EuroVento.
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