Elecnor Wins An International Award For Its Financing Deal For "l'Érable" Wind Farm Project

MONTREAL, March 11, 2013 /CNW Telbec/ - Enerfin Energy Company of Canada Inc, a wholly-owned subsidiary of the Spanish infrastructure developer Elecnor Group, has announced today that the C$250 Million Senior Secured Construction and Term Loan Facility for its L'Érable Wind Farm project located in Québec (Canada) has been awarded as the 2012 North American Wind Deal of the Year by Project Finance Magazine.

«We are very proud to have received this important award» said Guillermo Planas, CEO of Enerfin while at the Project Finance 2012 Deal of the Year Awards Dinner, held in New York City. «It means the best recognition to the quality of the project and the uniqueness of the financing structure in a difficult economic environment».

The Project Finance Awards - started 14 years ago - value different aspects such as innovation, deal repeatability, best practice, problem solving, risk mitigation, value for money and speed of delivery in the financing of infrastructure projects. Since the liquidity crunch of 2008, it judges all deals in the context of the lending climate at the time of financial close, whilst also considering repeatability of deal structure in the new climate. Each year, an average of 300 to 350 deals are reviewed and vetted via a weighting system by a panel of journalists from Project Finance Magazine and independent industry representatives.

The L'Érable financing reached financial close in May 2012. National Bank Financial Inc. and Sun Life Assurance Company of Canada acted as co-underwriters, with the final lending syndicate comprised of leading Canadian institutional investors that includes Sun Life Assurance Company of Canada (lead lender), The Manufacturers Life Insurance Company, The Great-West Life Insurance Company and Industrielle Alliance, Assurance et Services Financiers Inc. National Bank Financial Inc. is acting as administrative agent for the lenders.

This financing is notable for being a fully underwritten and syndicated unrated private placement for a Canadian wind farm financing and also the first for a Canadian investment dealer on this style of placement. The long-term, amortizing senior debt financing fully covers the construction and operations period (door-to-door tenor of approximately 21 years).

Currently under construction, the 100 MW l'Érable Wind Farm is located in the municipalities of St-Ferdinand, Ste-Sophie-d'Halifax and St-Pierre-Baptiste, halfway between Montréal and Québec City. The project will generate renewable energy for approximately 30,000 households and electricity will be delivered to Hydro-Quebec Distribution under a 20 year Electricity Supply Contract. The project consists of 50 Enercon E-82 wind turbines that will be supplied, in part, from Enercon's new manufacturing facility in Matane (Quebec). The project is scheduled to be completed in fall of 2013.

Enerfin's wind farm credentials and experience in the development of more than 1 200 MW of wind power enabled lenders, as well as Hydro-Quebec and local Quebec entities, to support this project. Enerfin's know-how, environmental commitment, and technological excellence have been internationally recognized winning them several prestigious industry awards.

About the Elecnor Group: Elecnor is one of the main Spanish groups dedicated to project management and infrastructure development and is an active investor in renewable energy and concessions in fields such as high voltage transmission networks, gas pipelines and environmental projects. The Elecnor Group has a presence in more than 30 countries in America, Europe, Africa and the Middle East. With more than 12 000 employees, the Group achieved a turnover of more than US$ 2 500 M. in 2012 and is listed in the Spanish Stock Exchange.

SOURCE: Éoliennes de l'Érable

For further information:

Philippe Roy
(514) 531-4104
www.elecnor.es
www.enerfin.es
www.eoliennesdelerable.com