Audax Renovables cancels its debt

Audax Renovables, formerly Fersa Energías Renovables, the renewable energy generation subsidiary of the Audax Group, with the support of Banco Santander, SA, has fully canceled on April 10, the syndicated corporate debt that it subscribed in January 2012 and that, Subsequently, in January of this year, it renewed a bilateral agreement with said entity and Banco Popular Español, SA for an amount of 3,400,000 euros. The completion of this agreement will allow the company to continue promoting its growth plans.
This cancellation, which has received legal advice from Garrigues, is part of a new debt operation, project finance modality, of the Hinojal Wind Farm project, wholly owned by the Company. In turn, this agreement allows the company to improve the efficiency of its financial structure and the additional release of funds to Audax Renovables for its future growth projects, in addition to reducing financial costs considerably.
The operation described will provide a more solid position to the company, which will allow it to continue with its growth plans in the different projects it is working on. In particular, Audax Renovables plans to shortly promote its Toabré project, in Panama, in its first phase for 66 MW, which has a 15-year energy sales contract with the three distribution companies of Panama, which it obtained after being awarded the contract. of the tender carried out by ETESA in 2013, so that it can become a reality as soon as possible and that it forms part of the operating portfolio of Audax Renovables. The company participates in said project at 30%, with the rest being owned by a local company of Panamanian nationality.
After reaching this agreement, and after closing the 2017 financial year with profits of 7.4 million euros, Audax Renovables continues with its consolidation and growth plan, thus confirming the company's positive trend.
The improvement in competitiveness that Audax Energía had proposed after taking control in August 2016 is bearing fruit, thus strengthening and betting on the future plans of the renewable generation subsidiary of the Audax Energy Group.
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