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The 40 MW Desfina wind farm in Greece has been refinanced by the Aquila European Renewables Income Fund (AERIF) which owns an 89% interest in the project.
Desfina is made up of two wind farms with a combined capacity of about 40 MW and a 20-year feed-in premium for 100% of production. It is intended to have a 25-year operating life.
The refinanced bank debt has a principal amount of almost EUR38 million (US$40.15 million), a tenor of nearly 18 years, and is fully amortizing and hedged. The refinancing proceeds will be used to pay off the existing debt and cover transaction charges.
