Forestalia has entered into a ten-year power purchase agreement (PPA) with Galp Energia Espana to support the refinancing of its Canteras III wind farm, with an installed capacity of 42.7 MW, located in the province of Zaragoza. Authorised for 40 MW, the site is equipped with seven GE 158-6.1 MW turbines supplied by General Electric and began operation in July 2025.
Refinancing structured with Banco Sabadell
The refinancing was arranged with Banco Sabadell for a total amount of €46.7mn ($50.9mn). The operation includes a senior loan and three additional tranches: two to cover guarantees linked to the PPA and one intended for the future decommissioning of the facility. The “pay-as-produced” contract covers 65% of the annual output, equivalent to around 73,515 MWh, providing predictable cash flows for the next decade.
Legal, technical and insurance partners
Forestalia received legal assistance from the law firm MAIO Abogados. Banco Sabadell was advised by Clifford Chance on legal matters and by DNV on technical issues, while Willis Towers Watson acted as insurance adviser. All these partners contributed to securing the transaction and structuring the financing.
An already established cooperation
This agreement adds to a previous PPA signed between Forestalia and Galp for the El Campillo wind farm, with a capacity of 48.8 MW, also located in the province of Zaragoza. As with Canteras III, 65% of the annual production is covered by the contract. Both sites, located in the municipalities of Quinto, Fuentes de Ebro and Zaragoza, are expected to avoid the emission of around 80,000 tonnes of carbon dioxide each year.
