Audax renovables cancels the debt

On 10 April 2018, Audax Renovables – previously called Fersa Energías Renovables – with the support of Banco Santander paid off the corporate debt contracted in January 2012 and renewed at the beginning of this year for the amount of 3.4 million euros . Debt repayment becomes a further element of impetus to the growth and development of business plans. 
This operation, carried out with the legal support of the Garrigues firm, is part of a new strategy carried out in project finance mode for the Parque Eólico Hinojal project, entirely owned by Audax Renovables. This new agreement allows us to improve the efficiency of the financial structure and free up other economic resources to be allocated to Audax Renovables for its future projects, all with the aim of considerably reducing financial costs. This operation, in fact, consolidates the position of Audax Renovables, allowing it to continue with the various development projects underway today. One of these is the construction of a Toabré wind farm in Panama: 66MW of power expected in the first phase and a license to sell the electricity produced for 15 years (the latter is the result of a tender launched by the local government in 2013 and won the following year by the Spanish company). Audax Renovables also participates with a share of 30%, the remaining 70 being in the hands of a company owned by the Panamanian state. 

Once the agreement has been reached and after closing the 2017 financial year with a profit of 7.4 million euros, Audax Renovables can continue its work of consolidation and growth, confirming the company's positive trend.