Audax Renovables settles its syndicated loan and fosters development plans
Audax Renovables, formerly Fersa Energías Renovables, the renewable energy subsidiary of the Audax Group, has restructured the corporate syndicated loan signed in January 2012 by a bilateral agreement with Banco Santander, which will help drive forward its development plans.
The transaction, carried out with the legal counselling of Garrigues, involves two bilateral loans with Banco Santander and Banco Popular for the amount of €3,400,000 due on 31 July 2020, with an additional considerable reduction in financial cost.
The settlement of the syndicated loan brings about a firmer position for the company and allows it to begin a new stage of growth by embracing new ventures, like the wind farm in Panama and other projects, situated in Spain.
The last quarterly results confirmed the company’s positive trend. Audax Renovables ended the third quarter of 2017 with a €3.1 million profit.
75% of the energy produced by Audax Renovables in 2017 was generated in Spain, while France provided 7% and Poland 18% of the total amount. The productivity of the wind farms in that period reached 456.5 GWh, in comparison to the 389.4 GWh of the previous year.
The improvement of competitiveness undertaken by Audax Energía upon taking control in August 2016 is bearing fruit and thus strengthens the plans made for the future of the Audax Group’s renewable energy subsidiary.