Renovalia Piedra Larga I Wind Farm

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Piedra Larga Wind Farm Phase I was a 90 MW wind project located in Oaxaca, Mexico. The project was the first phase of a planned 228 MW facility, of which 100% was owned by the Spanish project developer Renovalia. Piedra Larga I was projected to consist of 45 Gamesa turbines. The project was to be a 100% captive facility and would operate under the autobastecimiento model, whereby the project's output was contracted for sale to the bakery goods giant Grupo Bimbo under an 18-year power purchase agreement. In January 2011, Renovalia Energy obtained US$171.1.5m in project finance from six lenders fo rthe 90 MW Piedra Larga first-phase wind farm. The project's 45 Gamesa turbines were due online before the end of 2011. The finance comprised 16-year loans fromNacional Financiera (Nafin), Banco Nacional de Comercio Exterior(Bancomext), Fondo Nacional de Infraestructura, Banco Esprito Santo, BancoSantander and La Caixa. Nafin acted as the agent bank in the financing.Renovalia would use the funds to build the first stage of the wind farm inUnion Noble, Oaxaca. Comissioning was expected for the fourth quarter of 2011. Construction works were concluded in October 2012. In December 2015, the sponsor issued bonds in a value of US$ 126 million to refinance project's debt.

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