Renovalia Piedra Larga II Wind Farm

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Piedra Larga Wind Farm Phase II was a 138 MW wind project located in Oaxaca, Mexico. The project was the second phase of a total 228 MW facility, of which 100% was owned by the Spanish project developer Renovalia. Piedra Larga I was projected to consist of 69 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. The second phase of the Piedra Larga Wind Farm was projected to cost USD 346.7 million. As of 2011, the project had signed a PPA with Grupo Bimbo and an equipment supply contract with Gamesa. Projected comissiong was for the last quarter of 2012. Financial closure was achieved in June 2013, when the project company was awarded a US$ 228.6 million term loan and a US$ 43.2 million VAT facility arranged by Santander, NAFIN, Banorte, Bancomext, Banco Sabadell and Caixa. The remaining of the cost of the project was equity financed.