Project finance

Caja Madrid actively works to provide financing for clean-energy and waste treatment projects, given the major environmental benefits they generate. Notable examples of such projects supported in 2008 include the financing provided for:

• “Solnova 3” and “Solnova 4”: construction of two solar thermoelectric plants in San Lucar la Mayor, Seville (€66.2 million). These facilities form part of a platform that spans different solar energy technologies.
• Renovalia Solar 2: construction and commissioning of a photovoltaic solar plant with installed capacity of 47.6 MW. The facility is located in Puertollano, Ciudad Real, and is composed of 476 independent solar farms with a nominal installed capacity of 100kw each. Caja Madrid granted €45 million in financing for this project.
• Framework Agreement IV: construction, installation and commissioning of seven wind farms (€53.7 million) in the regions of Castilla la Mancha, Castilla y León and Murcia, with aggregate installed capacity of approximately 210 MW.
• Tuin Zonne: construction and commissioning of the largest photovoltaic solar energy project financed in this sector, with €62.5 million in financing. The project adds installed capacity of 122 MW in diverse areas of the country.

In 2008 a full 90% of all project finance operations carried out in the energy and environment area involved renewable energies. This is a full 30% higher than the previous year's figure and reflects Caja Madrid's policy of prioritising project finance for green energy development.