Finerge, Alfanar sign deal to add 71 MW of wind in Spain

June 7 (Renewables Now) - Portuguese renewable power company Finerge SA has signed a deal with Saudi Arabia's construction company Alfanar to finance the construction and operation of a 71-MW wind project in Spain.

According to the note published on Wednesday on Finerge's LinkedIn page, the wind scheme will require an investment of EUR 131 million (USD 139.9m).

The project consists of four wind power plants powered by a total of 18 turbines which will be built in the Spanish northern region of Navarre.

Finerge's CEO, Pedro Norton, noted that this initiative is an important step in the company's expansion plan in Spain by not increasing its local installed capacity, but also marking the development drive in the country.

"We want to replicate in Spain the success we have had over the last few years in development in Portugal. With this step forward, we are convinced that we will reach the 2 GW milestone of installed capacity in the Iberian Peninsula by the end of the year, in line with our strategic plan," said Pedro Norton, CEO of Finerge," concluded Norton.

(EUR 1.0 = USD 1.068)