SMBC Bank EU, Banco de Sabadell and Banco Santander have agreed to provide €94 million (US$109.52 million) loan for the construction of three wind farms in Albacete, Spain, with a maximum aggregate capacity of 150 megawatts. The three banks acted as mandated lead arrangers and hedge providers. They were advised by Clifford Chance.

The wind farms are owned indirectly by Elawan Energy, and will be benefiting from the latest auction approved by the Spanish government, under the Royal Decree 960/2020 from last November, under the the renewable energy and emission reduction (REER) regime.

All three wind farms are currently under construction and are expected to start commercial operations in the summer of 2022. They will be generating clean energy for over 115,000 households, with an expected annual aggregate production of 400 gigawatt-hours.

In December 2020 Tokyo-based Orix Corporation announced an agreement to invest in Elawan Energy, a global renewable energy company headquartered in Madrid, and focused on the development and ownership of wind and solar PV power plants.

Through its wholly owned subsidiary Orix Corporation Europe, Orix acquired an 80% stake in Elawan. The founders of Elawan, Acek Renewables and chief executive officer Dionisio Fernandez continue to retain a 20% stake in the business.