Audax Renovables cancels its syndicated loan
Audax Renovables, formerly Fersa Energías Renovables, the renewable energy generation subsidiary of the Audax Group, has restructured the syndicated corporate debt it signed in January 2012 through a bilateral agreement with Banco Santander, which will help boost its growth plans.
The operation, which has had the legal advice of Garrigues, is articulated through two bilateral loans with Banco Santander and Banco Popular for an amount of 3,400,000 euros, maturing on July 31, 2020, also reducing financial costs considerably.
The cancellation of the syndicated loan provides a more solid position to the company, allowing it to begin a new stage of growth by facing new projects such as the Panama wind farm and other projects located in Spain.
The last quarter closing confirmed the company's positive trend. Audax Renovables closed the third quarter of 2017 with a profit of 3.1 million euros.
Of the energy produced by Audax Renovables in 2017, 75% of it was generated in Spain, while France contributed 7% and Poland 18% of the total. The production of the parks in this period has reached 456.5 GWh compared to 389.4 GWh the previous year.
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.