VALOREM, the French independent green energy producer, has secured through ALPHA BANK the financing for the construction of the wind farm "MAGOULA", with an installed capacity of 27 MW. The project, with a total investment of 40 million euros, is a milestone for the company, as it is its first wind farm in Greece.

This project, wholly owned by VALOREM, secured a guaranteed fixed price (feed in tariff) in July 2020 through the auction organized by the Energy Regulatory Authority. The wind farm is located on Mount Askio (Siniatsiko), northwest of Kozani, at an altitude of 1,700 meters. It will be connected to the national grid through the Gratsiani substation. It will accommodate six Vestas V150-4.5 MW wind turbines. The annual production is estimated at 71 GWh, which covers the needs of about 18,000 households.

The construction, which will start in late 2022 and is expected to be completed in the first quarter of 2024, will be managed by VALREA, a subsidiary of VALOREM, while the EPC main contractor of the project is "AIR ENERGY". The company will manage the wind farm, the operation and maintenance of which is being undertaken by "Vestas" under a long-term.
COO VALOREM GROUP Philippe Tavernier, stated: "Our aim is to develop our presence outside France and support Europe's energy transition to achieve its green goals, become energy self-sufficient and ensure the supply of affordable green energy. Following our integrated strategic plan, we are developing a renewable energy portfolio in Greece from 2019 with photovoltaic and wind farms. Greece is a key market for us and we are pleased that our expansion there is supported by ALPHA BANK, our financial partner."

VALOREM has secured long-term bank financing from ALPHA BANK of nearly EUR 31 million, including the VAT instalment and the debt service reserve. At the same time, the two companies have activated this year a revolving credit facility to support the financing of VALOREM's activities in Greece. Together with the wind farm "MAGOULA", the financing capacity secured through ALPHA BANK amounts to 62 million.
ALPHA BANK's General Manager Wholesale Banking Yannis Emiris said: "ALPHA BANK is a leading bank in financing entrepreneurship in Greece and the financing of VALOREM's first wind farm in our country confirms our commitment to support value-added projects that accelerate Greece's energy transition towards a greener future, thus contributing to the achievement of sustainable economic, social and environmental development."

General Manager Greece, VALOREM GROUP Thomas Stavrou, added: "After three years of operation in Greece, we are pleased to see that VALOREM has gained the trust of the market and the country. Greece still has an untapped renewable energy potential, mainly coming from the sun and wind, which allows it to be optimistic that it will succeed in achieving its environmental goals. Green energy, in addition to benefiting the environment, is a fundamental factor for economic growth because of its low cost. We are very happy to support the sustainable development of the country through our renewable energy sources."
VALOREM is gradually strengthening its presence in Greece and is currently developing a total RES portfolio of 700MW, which it intends to implement in close cooperation with local communities and local partners. Following also the completion of the "Matkussaari" wind farm in Finland earlier this year, with a total installed capacity of 148MW, this new RES project contributes to VALOREM's leading position as an independent power producer.

Valorem Group would like to thank all the consultants who contributed to the success of this project. Watson Farley & Williams as legal advisor and Ester as hedging advisor. On behalf of ALPHA BANK, "TUV HELLAS" (technical consultant), "Reed Smith" (legal consultant), "Marsh" (insurance consultant) and "GT" (tax consultant).