Audax renovables cancels debt

On April 10, 2018, Audax Renovables – previously known as Fersa Energías Renovables – with the support of Banco Santander, repaid the corporate debt contracted in January 2012 and renewed at the beginning of this year for the amount of 3.4 million euros. The debt repayment becomes an additional element of impetus for the growth and development of the company plans. 
This operation, carried out with the legal support of the Garrigues firm, is part of a new strategy carried out in project finance mode for the Parque Eólico Hinojal project, entirely owned by Audax Renovables. This new agreement allows for an improvement in the efficiency of the financial structure and to free up other economic resources to be allocated to Audax Renovables for its future projects, all with the aim of significantly reducing financial costs. In fact, this operation consolidates the position of Audax Renovables, allowing it to continue with the various development projects currently underway. One of these is the construction of the Toabré wind farm in Panama: 66 MW of power planned in the first phase and a license to sell the electricity produced for 15 years (the latter being the result of a tender launched by the local government in 2013 and won the following year by the Spanish company). Audax Renovables also participates with a share of 30%, the remaining 70 being in the hands of a company owned by the Panamanian state. 

Once the agreement is reached and after closing the 2017 financial year with a profit of 7.4 million euros, Audax Renovables can continue its work of consolidation and growth, confirming the positive trend of the company.