Engie is strengthening its presence on the renewable energy market in Spain with the launch of Phoenix, a new project developed in cooperation with Mirova and Forestalia. Phoenix aims to develop 10 wind farms in Aragon for a total capacity of 342MW.
Engie will participate as equity investor and as energy manager selling the electricity produced to the wholesale market and hedging in forward market. The Phoenix wind project was awarded following the Spanish Government’s 3,000MW renewables ‘auction in May 2017. GE Renewable Energy will supply the 91 turbines, with a full maintenance service agreement for 20 years. Moreover, Aldesa, Eiffage and Elecnor will be in charge of carrying out the civil works set to begin immediately. The project is supported by a bridge financing provided by JP Morgan, Santander Corporate & Investment Banking and Sabadell.